3-D printing company shares skyrocket after big earnings beat

Investing


Computer manufacturer 3D Systems shares skyrocketed Wednesday after the company reported better-than-expected earnings and revenue for the second quarter.

Shares soared 32.4 percent at $17.96 per share, the stock’s best day since Feb. 17, 2011. The company reported earnings after the bell Tuesday of 6 cents per share, crushing Thomson Reuters expectations of 1 cent per share. Revenue for the quarter was $176.6 million, well-above the estimated $165.9 million expected by Thomson Reuters.

“We are pleased with our results for the second quarter, which were driven by strong revenue growth, including growth in both printer revenue and units as we continue to improve execution and are seeing the early returns on our investments in both innovation and go-to-market,” CEO Vyomesh Joshi said in the earnings release on Tuesday.

The South Carolina-based company also announced a partnership with machine maker Georg Fischer to manufacture integrated solutions at lower operating costs. The companies plan to debut their first combined product at the International Manufacturing Technology Show in September.

3D Systems manufactures devices for the medical, aerospace, automotive and entertainment industries with their 3-D printing solutions. The company also focuses on simulation and virtual planning for the health-care industry.



Source link

Products You May Like

Articles You May Like

PayPal, DowDuPont, AIG and more
Investors can enjoy tax savings on advisor fees by using this strategy
With more equity volatility on the horizon, what’s an investor to do?
Artificial intelligence is changing how investors’ money is managed
Railroad operator CSX’s quarterly profit tops Wall Street target 

Leave a Reply

Your email address will not be published. Required fields are marked *