Stratasys topped first-quarter Wall Street earnings expectations Monday
when the costs of its merger with Objet Ltd. were excluded.
On an adjusted basis that excluded the merger costs, Stratasys showed a profit of $17.6 million, or 43 cents a share, beating the Wall Street estimate of 38 cents a share. Adjusted revenue was $98.2 million, in line with the Wall Street estimate of $98.1 million.
Including merger costs, the Eden Prairie maker of 3D printers lost $15.5 million, or 40 cents a share, on revenue of $97.2 million. A year ago, before the merger with Objet, the company earned $4.5 million, or 21 cents a share, on revenue of $45 million.
It was the second quarterly report for the company since the completion of its December merger with Objet, based in Rehovot, Israel. The merged Stratasys takes Internet-delivered designs from customers to produce everything from small tools to car parts using layered thermoplastics.
"Strong sales of our higher-margin products helped drive a significant increase in non-GAAP (adjusted for non-recurring items) gross margin, and a 40 percent increase in non-GAAP net income in the first quarter," said Stratasys CEO David Reis.
The company reaffirmed its fiscal year guidance, which calls for adjusted earnings of $1.80 to $1.95 per share on revenue of $430 million to $445 million. Wall Street analysts have been projecting adjusted earnings of $1.88 per share on revenue of $439.1 million.
(c)2013 the Star Tribune (Minneapolis)
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