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Stratasys ( SSYS ) posted a first-quarter earnings beat before the market open Monday, sending its stock — and that of rival 3D Systems ( DDD ) — up in early trading, though both stocks reversed by midday even though Stratasys’ sales guidance for the year also edged above views. Stratasys reported revenue of $167.9 million, beating the consensus estimate of $164.8 million by analysts polled by Thomson Reuters. That’s down 3% year over year but marks an improvement from the 20% year-over-year drop in the previous quarter. Earnings per share minus items of a penny fell from a 4-cent profit in Q1 2015 but still beat Wall Street expectations for a 4-cent loss. Stratasys beat on earnings during a difficult period for 3D printer companies. Competitor 3D Systems reported Q1 earnings Thursday that showed a third straight quarter of year-over-year declines in sales and missed Wall Street expectations. Stratasys stock jumped as much as 12% early on the stock market today , but it ended the day down 1.3%, at 20.79. 3D Systems stock rose as much as 2% at the open, but it ended the day down 3.7%, at 12.68. Another 3D printer maker, Voxeljet ( VJET ), fell 1.9% on Monday. Stratasys said it sold 5,125 3D printing and additive manufacturing systems during the quarter. “Although the overall market environment remains challenging, we made significant progress in improving our operating efficiency during the first quarter,” company CEO David Reis said in the earnings release. “We believe the recent refinements to our operating structure will make us more productive and better position us for future growth.” Stratasys guided 2016 revenue at $700 million to $730 million, with the midpoint slightly ahead of the analyst consensus estimate of $713 million. It projects EPS minus items of 17 cents to 43 cents, with the midpoint meeting views of 30 cents. For 2015, Stratasys posted EPS ex items of 19 cents on sales of $696 million. Piper Jaffray maintained an overweight rating on Stratasys stock, with a price target of 32. “Following the upbeat results, we remain confident in Stratasys’ future and bullish on its long term opportunity,” Piper analyst Troy Jensen wrote in a research note. “Although we believe it will take 1-2 additional quarters to see system sales improve, we believe interest continues to grow and are confident printer sales will show significant improvement in the second half.” Cowen analyst Robert Stone maintained a buy rating and price target of 23 on Stratasys stock, but he said overall visibility was still limited. Scalper1 News
Scalper1 News