UPDATE: 3D Systems Misses Q4 Expectations, Shares Drop

Shares of 3D Systems Corp. DDD fell more than 3% in pre-market trading after the company reported weaker-than-expected earnings for the fourth quarter. The Rock Hill, South Carolina-based company posted quarterly earnings of $1.6 million, or $0.01 per share, compared to $11.2 million, or $0.11 per share, in the year-ago period. Excluding one-time items, the company earned $0.21 per share. Its revenue climbed 21% to $187.4 million. However, analysts were estimating earnings of $0.25 per share on revenue of $202.32 million. Operating expenses rose 38% in the quarter. The company ended the year with $284.9 million of cash on hand. "We are disappointed that we were not able to fully capitalize on the strength of our portfolio in all geographies equally, but are very pleased with the impressive growth rate that our EMEA channel delivered in the face of adverse foreign currency rates," said Avi Reichental, 3DS' President and Chief Executive Officer. "We are taking decisive steps to improve the productivity and coverage of our North American and APAC channels to the level of our EMEA region." 3D Systems projects FY15 adjusted earnings of $0.90 to $1.10 per share on revenue of $850 million to $900 million. Analysts had expected earnings of $1.02 per share on revenue of $873.2 million. 3D Systems shares fell 3.06% to $29.10 in pre-market trading.