3D Systems Corp. (NYSE: DDD) reported its first-quarter financial results before the markets opened on Thursday. The company said it had $0.05 in earnings per share (EPS) on $152.6 million in revenue. Thomson Reuters consensus estimates had called for $0.05 in EPS on revenue of $156.30 million. In the same period of last year, the company posted EPS of $0.05 and $160.72 million in revenue.
During the quarter, revenues dropped by about 5% from the same period last year. However, excluding the contribution of consumer products and services that the company no longer sells, revenue only decreased by 2%.
Despite revenue dropping from last year, gross profit margins totaled 50.8% for this quarter.
In terms of its business segments 3D Systems reported the following:
- Product revenues totaled $91.0 million, down from $99.8 million in last year’s quarter.
- Service revenue totaled $61.6 million, up from $60.9 million.
Vyomesh Joshi, CEO of 3D Systems, commented:
I’ve spent the past month listening to and learning from customers, partners and employees. I will be focusing on improving quality, reliability and supply chain. The next phase for us is to develop a strategy to drive profitable growth with operational excellence and an appropriate cost structure.
The company generated $18.1 million of cash from operations during the quarter. On the books, cash and cash equivalents totaled $169.8 million at the end of the quarter, compared to $155.6 million at the end of 2015.
Shares of 3D closed Wednesday down 5.5% at $14.51, with a consensus analyst price target of $14.55 and a 52-week trading range of $6.00 to $23.98. Following the release of the earnings report, the stock was up 5.6% at $15.32 in early trading indications Thursday.