3D Systems tumbles on Q3 results miss, annual rev forecast cut

3D Systems

27/11/2024 13:17

** Shares of 3D Systems  DDD.N  tumble 15% premarket to
$2.90 after qtrly results miss consensus and co lowers annual
rev guidance
  
    ** 3D printer maker late Tues  Q3 rev decreased 9% yr/yr to
$112.9 mln, below LSEG est. of $115.3 mln
  
    ** Rev in qtr continued to be impacted by sluggish capital
investments by its customers for new production capacity,
especially in the industrial markets, CEO Dr. Jeffrey Graves
said in statement
  
    ** Co posted Q3 adj loss of 12 cents/sh vs avg analysts'
est. of 10 cents/sh loss
** Citing tough macro environment, timing uncertainties and
qtr-qtr inventory management at year-end, co lowered 2024 rev
forecast to $440-$450 mln from prior outlook of $450-$460 mln
** In contrast, peer Stratasys  SSYS.O  saw its shares on Nov 13
close up 20.5% after  its 2024 earnings forecast
    ** Of 6 analysts covering DDD, 2 rate "buy", rest "hold";
median PT of $3.13 unchanged from a month ago and down from
$4.50 on Aug 27 - LSEG
    ** Through Tues, stock off 46% YTD

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))