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3D Systems beats by $0.02, reports revs in-line; withdraws guidance
Reports Q1 (Mar) earnings of $0.05 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 8.7% year/year to $160.7 mln vs the $159.23 mln consensus. On April 24 co guided for Q1 EPS $0.02-0.04 vs $0.17 Capital IQ Consensus Estimate; revs $158-160 mln vs $182.62 mln Capital IQ Consensus Estimate.
- The company believes that negative currency headwinds and demand weakness attributed to several other macroeconomic factors resulted in lower than expected purchases of its 3D printers and materials by aerospace, automotive and healthcare customers during the quarter. Furthermore, the company reported that certain metal and nylon applications and performance issues delayed its ability to sell additional printers during the first quarter of 2015. Combined, these factors reduced sales of the company's design and manufacturing printers and materials and resulted in a decline in organic revenue of 7% compared to total revenue in the first quarter of 2014.
- Withdraws guidance: Given marketplace uncertainties, management believes it is prudent at this time to withdraw the company's previously issued annual guidance for 2015. Management continues to rigorously assess the macroeconomic environment and customer demand and plans to provide an update regarding guidance when management has more clarity that sector conditions have stabilized.