Stratasys' second-quarter revenue up, earnings off
Aug 01, 2012 (Menafn - Pioneer Press - McClatchy-Tribune Information Services via COMTEX) --Stratasys Inc., which makes 3-D printers for prototyping and limited-run manufacturing, says its second-quarter revenue rose 31 percent over last year.
The company also announced Wednesday, Aug. 1, that it was discontinuing its agreement to build low-priced 3-D printers for Hewlett Packard at the end of this year. The partnership initially was greeted with great excitement by investors, but Stratasys officials said it ultimately generated weak sales and did not pan out financially.
Stratasys introduced a line of entry-level desktop printers called Mojo at the end of the second quarter.
Eden Prairie-based Stratasys on Wednesday reported record revenue of 49.4 million for the quarter ended June 30, up from 37.8 million last year.
Second-quarter net income fell 24 percent to 3 million, however, mainly due to expenses associated with the company's efforts to merge with Objet Ltd., an Israeli maker of 3-D printers. The merger is still on target to close in the third quarter, Stratasys CEO Scott Crump said Wednesday.
Stratasys raised its forecast for fiscal 2012, saying it expects revenue of between 193 million to 198 million and earnings, excluding certain items, to be between 1.31 and 1.38 per share.
Analysts polled by Thomson Reuters were expecting full-year revenue of 188 million and earnings of 1.31 per share on the same basis.
Shares of Stratasys rose 83 cents to 62.11 in Wednesday morning trading.
Leslie Brooks Suzukamo can be reached
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