3D Systems Corp. (DDD) Monday reported an increase in profit for the fourth quarter, as revenues surged 45 percent and margins strengthened. However, revenues for the quarter fell short of analysts' estimates, while earnings came in ahead of expectations. 3D Systems stock is currently trading down eight percent on the New York Stock Exchange.
The Rock Hill, South Carolina-based maker of 3D printers said revenues for the quarter grew 45.4 percent to $101.6 million from $69.9 million, but fell short of analysts' consensus of $103.86 million. Revenue growth was driven mainly by a 93 percent surge in printers' and other products and 18.8 percent organic growth.
Gross margin advanced to 51.7 percent from 47.1 percent last year, while operating margin rose to 24 percent from 23 percent.
"We are very pleased to report outstanding quarterly and annual results on accelerated printers' sales," said Avi Reichental, 3D Systems' President and Chief Executive Officer.
Net income for the fourth quarter was $10.9 million or $0.19 per share, up from $8.0 million or $0.16 per share last year. 3D Systems' adjusted profit for the three-month period was $22.6 million or $0.39 per share. On average, seven analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter.
Looking ahead to the fiscal year 2013, the company expects adjusted earnings of $1.00 to $1.15, on a post-split basis, and revenues of $440 million to $485 million. Analysts currently expect earnings of $1.58 per share on revenues of $442.2 million for the year.
"We are thrilled with the progress we are making on our consumer growth initiative and expect revenue from our consumer products to be meaningful to our revenue in the second half of 2013," said Reichental.
Earlier this month, the company had announced a three-for-two stock split for shareholders of record February 15. The stock split became effective February 22.
DDD is currently trading at $34.92, down $3.05 or 8.02%, on a volume of 10.1 million.
by RTT Staff Writer
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