Stratasys cautions on slower 3-D printer industry growth, withdraws full-year forecast

Markets Associated Press

Stratasys' second-quarter adjusted profit and revenue beat analysts' estimates, but the maker of 3-D printers cautioned on slower industry growth and withdrew its full-year outlook.

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The stock dropped more than 10 percent in Thursday afternoon trading.

CEO David Reis said in a statement that the industry is transitioning through a period of slower growth.

Stratasys provided third-quarter guidance well below Wall Street's view. The company anticipates an adjusted profit between 3 cents and 13 cents per share on revenue in a range of $175 million to $190 million.

Analysts polled by FactSet predict a profit of 47 cents per share on revenue of $217.2 million.

For the period ended June 30, Stratasys lost $22.9 million, or 55 cents per share. That compares with a loss of $173,000, or break-even per share, a year ago.

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Earnings, adjusted for nonrecurring costs and amortization costs, came to 15 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

Revenue for the Eden Prairie, Minnesota-based company totaled $182.3 million, topping analysts' expectations. Nine analysts surveyed by Zacks expected $180.3 million.

Shares of Stratasys Ltd. declined $3.77 to $32.72.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on SSYS at http://www.zacks.com/ap/SSYS

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Keywords: Stratasys, Earnings Report