3D Systems Corp. (DDD:US), a maker of three- dimensional printers, dropped after reporting quarterly revenue that missed analysts’ estimates.
The stock fell (DDD:US) 9 percent to $34.55 at the close in New York. The Rock Hill, South Carolina-based company’s shares had almost tripled in the 12 months through Feb. 22, as the Standard & Poor’s 600 Smallcap Index gained 13 percent.
Today’s earnings announcement marked only the fourth time the company has reported quarterly revenue that trailed analysts’ estimates, according (DDD:US) to data compiled by Bloomberg. It was also the first trading day following a 3-for-2 stock split Feb. 22 for the maker of machines that manufacture 3-D objects such as jewelry.
“The number was a mild disappointment, but where these stock movements are concerned there’s never anything mild,” said Holden Lewis, an analyst for BB&T Capital Markets. “It was a knee-jerk reaction,” said Lewis, who rates the shares buy.
The company reported fourth-quarter revenue (DDD:US) of $101.6 million, a 45 percent increase from $69.9 million a year earlier, according to a statement today. The average of seven estimates compiled by Bloomberg was $103.9 million.
Profit excluding items such as stock-based compensation and acquisition and severance costs rose to 39 cents a share from 27 cents a year earlier, topping the 26-cent average estimate.
3D Systems’ stock, adjusted for the split, closed at $37.97 on Feb. 22.
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