3D Systems Corp announced Thursday a decline in profit for the second quarter, due mainly higher operating expenses and tax provisions.
Total revenues for the quarter surged to $83.61 million from $55.13 million in the prior-year quarter. The company's second-quarter net profit was $8.3 million, resulting in $0.16 earnings per share.
Adjusted income for the quarter rose to $13.95 million or $0.27 per share from $9.72 million or $0.19 per share in the prior-year quarter.
For the quarter, total operating expenses increased to $28.97 million from $17.20 million in the year-ago quarter. The company posted an income tax provision of $1.94 million compared to income tax benefit of $5.48 million last year.
"We entered the third quarter with positive sales momentum reflecting continued strong demand and record backlog. While we may face lingering economic uncertainties in parts of the world, we expect to continue to benefit from robust R&D spending by our customers worldwide," said Abe Reichental, 3D Systems' President and Chief Executive Officer.
In a recently cnbc news (below) Abe Reichental discusses demand in Europe, the U.S. economy, and his company's growth strategies. "Customers in Europe have to continue to invest. They're under pressure to stay competitive." "Our business in Europe grew 33 percent year-over-year for the second quarter, and demand remains strong in Europe." he says.
Posted in 3D Printing Companies
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