3D Systems (DDD) Tops Q1 EPS by 1c
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3D Systems (NYSE: DDD) reported Q1 EPS of $0.05, $0.01 better than the analyst estimate of $0.04. Revenue for the quarter came in at $160.7 million versus the consensus estimate of $161.78 million.
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.
"We were surprised and disappointed by the abrupt interruption in customer demand late in the quarter from several economic factors that we believe caused many of our customers to defer their planned investments," said Avi Reichental, President and Chief Executive Officer, 3DS. "However, we believe the fundamentals of our business model and the strength of our portfolio are intact, and we are encouraged to see certain OEMs resuming purchasing activities they deferred during the first quarter."
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.
"While the current economic climate interfered with our planned cadence for 2015, we believe that the fundamentals of our business and the strength of our portfolio are intact. We remain optimistic about the market opportunities ahead and are fast tracking our planned integration, productivity and efficiency measures without impairing future growth," concluded Reichental.
For earnings history and earnings-related data on 3D Systems (DDD) click here.
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