Oct. 26, 2012
(Reuters) - Three-dimensional printer maker 3D Systems Corp reported better-than-expected quarterly results as printer sales more than doubled, prompting the company to raise its full-year forecast.
3D Systems now expects earnings of $1.20 to $1.30 per share on revenue of between $345 million and $365 million.
Analysts on average projected earnings of $1.12 per share, on revenue of $343.5 million, according to Thomson Reuters I/B/E/S.
Shares of company rose 18 percent on Thursday morning to $42.43, making them one of the top percentage gainers on the New York Stock Exchange. 3D Systems' stock has risen more than 140 percent since it introduced its first 3-D printer in January.
The company has been witnessing strong demand from consumers looking to create gifts in the comfort of the family living room or garage.
Net income for the third quarter nearly doubled to $13.5 million, or 24 cents per share, from $7.2 million, or 14 cents per share, a year earlier.
Excluding one-time items, the company earned 32 cents per share for the third quarter of 2012. This beat analysts' expectations of 27 cents per share.
Revenue rose 57 percent to $90.5 million, beating Wall Street estimates of $87.3 million.
(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Sreejiraj Eluvangal, Supriya Kurane)
According to 3D Systems' press release, the growth is from all its revenue categories, led by printer revenue on a 123% increase in printer units sold, excluding Cube® printer units.
For the third quarter, gross profit grew 69% on higher revenue and gross profit margin expansion of 350 basis points over the 2011 quarter to 51.8%, driven by printers and materials gross profit margin improvement.
Posted in 3D Printing Company
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