3D Systems Tumbles Following Poor Guidance, Company Says It Needs To Reevaluate Year - 3D Sys (NYSE:DDD) - Benzinga

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3D Systems Corporation

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DDD

on Friday were trading lower by more than 12 percent after the company released

preliminary first quarter results and some commentary for the entire fiscal year. 3D Systems now expects its first quarter revenue to be in the range of $158 million to $150 million and report a GAAP loss in the range of $0.13 per share to $0.15 per share and non-GAAP earnings in the range of $0.02 per share to $0.04 per share. This compares to analyst estimates calling for an earnings per share of $0.17 on revenue of $183.5 million. Shares traded recently at $27.03, down 10.5 percent in the premarket. The company noted that its first quarter update reflects economic weaknesses attributable to several factors, including the decline in the euro and yen relative to the U.S. dollar (reduced quarterly revenues by $12 million at comparable Q1 2014 currency rates) and the "aftershock" of lower oil prices and customers in the aerospace, automotive and healthcare sectors to "curb" new printer purchases in the quarter and "curtail" materials and service purchases. 3D Systems also attributed its weak quarter to certain metal and nylon applications and performance issues that prevented the company from selling certain printers during the quarter. "We were surprised and disappointed by the abrupt interruption in customer demand late in the quarter from several economic factors that we believe caused our industrial customers to defer their planned investments," said Avi Reichental, 3D Systems President and Chief Executive Officer. "We believe the combination of our expanding international business and growing concentration of manufacturing customers made us more vulnerable to the steep currencies decline relative to the U.S. Dollar and the aftermath of lower oil prices that curbed aerospace and automotive expenditures." 3D Systems continued, noting that it will undertake a "comprehensive" evaluation of its full year guidance due to "current uncertainties" including macroeconomic pressures and foreign currency headwinds. The company will update the investment community during its first quarter 2015 earnings conference call on May 6. "While the current economic climate disrupted our planned cadence for 2015, we believe that the fundamentals of our business and the strength of our portfolio remained intact. We are encouraged by the overall strengthening of our order patterns thus far during the second quarter and are accelerating our planned integration, productivity and efficiency measures without impairing future growth," concluded Reichental.

DDD3D Systems Corp

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