Stock of 3D Systems Corp., a maker of three- dimensional printers, dropped after the company reported quarterly revenue that missed analysts’ estimates.
The stock fell 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.
Monday’s earnings announcement marked only the fourth time the company has reported quarterly revenue that trailed analysts’ estimates, according 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 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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