MINNEAPOLIS (AP) -- First-quarter net income at Stratasys fell 10 percent as bigger operating expenses weighed on the maker of three-dimensional printers and prototyping systems.
But the company boosted full year profit and sales expectations Wednesday and adjusted for one-time costs, it met Wall Street expectations for the most recent quarter.
Stratasys earned $4.5 million, or 21 cents per share, for the period ended March 31. That's down from $5 million, or 23 cents per share, a year earlier.
Removing one-time items, earnings were 28 cents per share, however, total operating expenses rose to $15.7 million from $12.1 million an company shares slid more than 3 percent in early trading.
Revenue increased 30 percent to $45 million on rising shipments. The acquisition of Solidscape Inc. last May added $3.4 million to revenue.
The company now foresees fiscal 2012 adjusted earnings of $1.29 to $1.38 per share on revenue of $183 million to $193 million. Its prior forecast called for adjusted earnings of $1.17 to $1.28 per share on revenue of $175 million to $190 million.
Analysts expect full-year earnings of $1.25 per share on revenue of $186.8 million.
Shares of Stratasys Inc. dropped $1.81 to $48.83 in midday trading, still close to its 52-week high of $53.39.
