3D Systems (DDD) Q3 Earnings Match, Revenues Beat Estimates
Zacks Investment Research | Oct 31, 2019 06:43AM ET
3D Systems Corporation (NYSE:DDD) reported third-quarter 2019 non-GAAP loss per share of 4 cents against earnings of 2 cents a year ago. The bottom line matched the Zacks Consensus Estimate.
This 3D printer maker’s revenues of $155.3 million declined 5.6% year over year. However, the top line beat the Zacks Consensus Estimate of $152 million. Modest growth in Materials and Healthcare, led by customer demand for core and new product solutions, was a tailwind for the top line.
However, weakness in the automotive sector in Europe and China was a major overhang on the company’s printer hardware and on-demand printing businesses. Further, trade tariffs adversely impacted the company’s business in Asia.
Decline in manufacturing activity and industrial production, which led to an overall fall in customer demand, affected the business.
Continued headwinds due to ordering patterns of a large enterprise customer and the temporary suspended operations of factory metal systems were an overhang on revenues from the Americas and Asia Pacific.
Suspended shipments of Powder Management units, due to a technical snag in the same, dented revenues.
However, the company’s efforts to simplify cost structure by lowering headcount and trimming cost of sales and operating expenses were a positive.
The sale of 3D Systems’ entertainment business hurt revenues as well.
3D Systems Corporation Price, Consensus and EPS Surprise
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