3D Systems reports Q3 in-line with downside preannouncement; reaffirms lowered FY14 guidance
Reports Q3 (Sep) earnings of $0.18 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.18; revenues rose 23.0% year/year to $166.9 mln vs the $166.49 mln consensus.
- Co guided for EPS of $0.16-0.19 on rev of $164-169 mln on October 22; consensus was for EPS of $0.21 on rev of $186 mln at the time.
- The company's order book increased by $14 million, or 44% sequentially, to $46 million and included a $4 million increase in printer orders in hand compared to the second quarter order book, further reflecting the robust demand for 3DS' products and services.
- Strengthening demand for the company's leading design and manufacturing products was not enough to overcome the revenue shortfall that resulted from the company's continued manufacturing constraints for direct metal printers and the delayed availability of its newest consumer products. This restricted the company's organic growth rate to 12% for the quarter.
- "While growing pains led to our revenue shortfall and pressured our gross profit margin, the fundamentals of our business are intact and our gross profit margins are poised to resume their expansion."