3D Systems Falls After Stock Split, Q4 Earnings

Shares of 3D Systems DDD, a provider of three-dimensional content-to-print solutions, released its fiscal fourth-quarter earnings results on Monday prior to the opening bell. The company also completed a 3:2 stock split. In the wake of the earnings report, the stock opened sharply lower but has been climbing back during the first part of the trading day. At last check, the stock was still down around five percent to $36.15 after opening the day below $33. At current levels, the company has a market cap of over $3 billion. For the fourth-quarter, the company reported net income of $10.9 million or $0.19 per share, compared to $8 million or $0.16 per share, in last year's corresponding period. On an adjusted basis, which is comparable to analysts' consensus, 3D Systems reported net income of $22.6 million or $0.39 per share. This beat analysts' estimates of $0.39 by a penny. While earnings were slightly better than expected, the stock is getting hit due to a miss on revenue for the fourth-quarter. The company reported a 45.4 percent increase in sales to $101.6 million versus $69.9 million last year. This missed Street consensus revenue estimates of $103.86 million. Gross margin in the quarter was 51.7 percent versus 47.1 percent in last year's Q4. Operating margins rose from 23 percent to 24 percent. Looking ahead to fiscal 2013, 3D Systems guided for adjusted EPS of $1.00 to $1.15 and revenues of $440 million to $485 million. The guidance takes into account the 3:2 stock split. Currently, analysts have consensus earnings per share estimates of $1.58 on revenue of $442.2 million for the fiscal year.