3D Systems Corp. (DDD) Thursday reported a decline in profit for the second quarter, due mainly higher operating expenses and tax provisions, not withstanding a 52 percent growth in revenues.
The Rock Hill, South Carolina-based company's second-quarter net profit was $8.32 million or $0.16 per share, compared to $13.37 million or $0.26 per share last year.
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.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter surged to $83.61 million from $55.13 million in the prior-year quarter. Six analysts had a consensus revenue estimate of $84.10 million for the 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.
Looking ahead, the company backed its full-year 2012 adjusted earnings guidance range of $1.00 to $1.25 per share and revenue guidance range of $330 million to $360 million. Analysts currently expect the company to earn $1.14 per share for the year, with revenues of $347.62 million.
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