Earnings season is that time of the year when you are likely to notice the biggest changes to your portfolio’s value. Good results can see shares rocket higher and poor results can see shares sink lower.

Three shares in particular have certainly sunk lower following their earnings releases. Could now be the time to swoop in and buy them at a cheaper price?

Asaleo Care Ltd (ASX: AHY)

The share price of this leading personal care and hygiene company has plummeted a massive 40% in the last 30 days. The drop came after the company behind the Sorbent and Libra brands advised the market that full year profit is now expected to drop by 15% year on year. Competitive pressures and higher input costs are largely to blame. At just 11x earnings and on an unfranked 7.3% dividend, its shares do look remarkably cheap. I personally wouldn’t invest in Asaleo as I believe the headwinds it is currently facing are here to stay in the medium term, but those with a higher tolerance for risk might find some success here if making a long-term investment.

BWX Ltd (ASX: BWX)

Shareholders of the natural skin and hair care company unfortunately saw the value of their holdings drop by 14% yesterday after the release of its full year results. Despite sales rising by 20% and net profit after tax increasing by 25% to $12 million, shareholders headed to the exits in their droves. But according to a research note out of Bell Potter, investors should view this sell off as a buying opportunity. I would have to agree with the brokerage firm, I believe BWX has strong growth prospects thanks to its popular Sukin brand. I expect recent deals in the United Kingdom should be a boost to the top line in FY 2017.

G8 Education Ltd (ASX: GEM)

After releasing its half year results the childcare operator’s shares fell as much as 20% at one stage yesterday. Thankfully for shareholders they eventually recovered a good portion of this decline to finish the day down by around 12%. The market was disappointed with rising staff costs and the lack of comparable sales growth from some of its child care centres. This led to underlying net profit growing at just 1.6% to $32 million. But as management has stated it expects a much stronger performance in the second half of the year, I feel the current price could be a good entry point for investors. Especially when you consider that its shares are expected to provide an estimated fully franked 7.6% dividend this year.

Lastly, before making any investment I would highly recommend taking a quick look to see if you own one of these three rotten ASX shares. Each could be damaging your portfolio and might be best taken out if you ask me.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.