On a GAAP basis, 3D Systems posted quarterly EPS of $0.10, compared with EPS of $0.11 in the second quarter of 2012.
The company sold 7.5 million shares in a secondary offering in May at a price of $40 a share. Absent those shares, EPS would have been at least $0.10 higher.
3D Systems affirmed its previous guidance for the 2013 fiscal year of adjusted EPS in a range of $1.05 to $1.20 on revenues of $485 million to $510 million.
The company’s CEO said:
We are experiencing heavy demand for our advanced manufacturing and consumer solutions and expect to continue to benefit from accelerated adoption of our products and services that is driven by our customers’ robust R&D and manufacturing spending worldwide.
On a GAAP basis, gross margins ticked up compared with the first quarter of 2012, from 51.3% to 51.8%. Margins remain solid, but revenues need to grow.
Over the past 12 months, 3D Systems’ stock price has doubled, but that doubling was nearly completed in May. Since then, shares have bounced around in a narrow range, and today’s report will no raise the top end of that range.
Shares of 3D Systems are down about 6% in early trading this morning, at $47.60 in a 52-week range of $21.57 to $51.94. Thomson Reuters had a consensus analyst price target of around $53.90 before today’s results were announced.