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3D Systems raises forecast as printer sales soar
October 25, 2012 / 1:46 PM / 5 years ago

3D Systems raises forecast as printer sales soar

(Reuters) - Three-dimensional printer maker 3D Systems Corp (DDD.N) reported better-than-expected quarterly results as printer sales more than doubled, prompting the company to raise its full-year forecast.

3D Systems now expects earnings of $1.20 to $1.30 per share on revenue of between $345 million and $365 million.

Analysts on average projected earnings of $1.12 per share, on revenue of $343.5 million, according to Thomson Reuters I/B/E/S.

Shares of company rose 18 percent on Thursday morning to $42.43, making them one of the top percentage gainers on the New York Stock Exchange. 3D Systems’ stock has risen more than 140 percent since it introduced its first 3-D printer in January.

3D Systems builds printing machines that create 3-D prototypes of everything from key chains to toys and airplane parts.

The company has been witnessing strong demand from consumers looking to create gifts in the comfort of the family living room or garage.

Net income for the third quarter nearly doubled to $13.5 million, or 24 cents per share, from $7.2 million, or 14 cents per share, a year earlier.

Excluding one-time items, the company earned 32 cents per share. This beat analysts’ expectations of 27 cents per share.

Revenue rose 57 percent to $90.5 million, beating Wall Street estimates of $87.3 million.

Reporting By Aditya Kondalamahanty in Bangalore; Editing by Sreejiraj Eluvangal, Supriya Kurane

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