Shares of Ameron International Corp. lost one-third their value Thursday after the maker of pipes, wind towers and other engineered products reported third quarter earnings that failed to meet Wall Street expectations.

Pasadena-based Ameron reported net income of $15 million ($1.63 per share) in the quarter ended Aug. 31, compared to $21.1 million, ($2.32) a year ago. Revenue rose 3 percent to $170 million. Net income included $5.3 million in tax benefits associated with discontinued operations, including a subsidiary in the United Kingdom that was liquidated.

Analysts surveyed by First Call expected earnings of $1.93 and revenues of more than $182 million.

Chief Executive James S. Marlen said in a statement that despite difficult market and economic conditions, especially in the construction and water pipe markets, the company had a solid operating performance in the quarter. He noted that the nation’s wind energy market, among the company’s newest businesses, continues to experience significant growth and is expected to remain strong.

Ameron shares closed down $36.13, or 33 percent, to $72.01 on the New York Stock Exchange.