Stratasys 1Q adj. profit tops analysts' estimates
Stratasys 1Q adj. profit beats Wall Street estimates, revenue misses
MINNEAPOLIS (AP) -- Stratasys, which makes three-dimensional printers used to produce models and prototypes, on Monday posted a loss in its first quarter, pulled down mostly by costs related to its acquisition of Israeli rival Objet. Its adjusted results topped Wall Street's forecasts.
The company lost $15.5 million, or 40 cents per share, for the three months ended March 31. That compares with a profit of $4.5 million, or 21 cents per share, a year ago.
Stratasys bought Objet in an all-stock deal in December.
Excluding costs tied to the Objet transaction and other items, adjusted earnings rose to 43 cents per share from 32 cents per share.
Revenue more than doubled to $97.2 million from $45 million, benefiting from strong demand for its higher-margin products and the Objet acquisition.
Analysts predicted earnings of 38 cents per share and $98.3 million in revenue, according to a FactSet survey.
Operating expenses jumped to $54.1 million from $15.7 million during the quarter.
Stratasys Ltd. maintained its full-year forecast for adjusted earnings between $1.80 and $1.95 per share on revenue in of $430 million to $445 million. Analysts expect $1.89 per share on revenue of $436.9 million.
Stratasys is based in Eden Prairie, Minn., and Rehvot, Israel, and is incorporated in Israel. Its shares rose 47 cents to $83.86 in midday trading.
