Stratasys, Inc. (SSYS), Thursday reported a decline in profit for the third quarter from a year ago, reflecting lower product and services sales. Earnings, however, topped analysts' estimates by 2 cents, while revenues fell short.
Stratasys' net income for the third quarter declined to $1.58 million or $0.08 per share from $3.71 million or $0.18 per share in the previous year. Results for the quarter include certain discrete items and stock-based compensation expense of $210 thousand.
A three dimensional printing, rapid prototyping, and direct digital manufacturing systems provider, Stratasys reported net income on an adjusted basis of $1.79 million or $0.09 per share, compared to $3.98 million or $0.19 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
The Eden Prairie, Minnesota-based company's net sales for the quarter declined to $24.33 million from $30.57 million last year. Analysts expected a revenue of $24.56 million for the quarter.
Product sales for the quarter declined to $18.05 million from $23.96 million a year ago. Services revenues declined to $6.28 million from $6.60 million last year.
Interest income declined to $230 thousand from $498 thousand last year.
System shipments totaled 454 units for the third quarter of 2009, compared to 497 for the same period last year.
For the nine-month period, net income declined to $1.72 million or $0.09 per share from $11.60 million or $0.54 per share in the same period of the previous year. Net sales for the period declined to $72.12 million from $92.55 million a year ago.
SSYS closed Thursday's regular trading at $15.79, down 0.06 or 0.38%, on a volume of 90K shares on the Nasdaq.
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