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Stratasys Q4 Beats But Shows Ongoing Struggles In 3D Printing Field

Working through a restructuring in a tough market, 3D printer maker Stratasys ( SSYS ) early Thursday reported a Q4 loss and big drop in revenue that nevertheless beat expectations on the top and bottom lines. Q4 revenue fell 20% from the year-earlier quarter to $173.4 million, but that beat the analyst consensus estimate of $169.3 million. It marked the second quarter in a row of declining revenue. The company reported a net loss of $232.3 million, or $4.46 per share. When adjusted for one-time items, Stratasys reported a loss of 1 cent, vs. consensus estimates for an 11-cent loss, as polled by Thomson Reuters. Stratasys stock was up 12.5%, near 23, in midday trading in the stock market today . Stratasys is up 55% since hitting an all-time low of 14.88 on Jan. 26. 3D printer stocks have rebounded in the past month-plus after suffering sharp drops. 3D Systems ( DDD ) stock was up 5% midday Thursday, near 12.40, after hitting its all-time low of 6 on Jan. 20. ExOne ( XONE ) was up 5.5%, near 11, and  Voxeljet ( VJET ) stock also was up 5.5%, near 5.25. Shares of Stratasys and 3D Systems, the two industry leaders, have been crushed since mid-2014, as both have posted disappointing quarterly earnings reports going back more than a year. For 2016, Stratasys guided to revenue of $700 to $730 million, up 3% at the midpoint. Analyst consensus is $700.6 million. It expects EPS ex items of 17 cents to 43 cents, vs. the consensus of 18 cents. Analysts have not been convinced of a rebound in the 3D printing industry. “There are no signs of a broad-based recovery yet, in our view, so demand commentary from Stratasys will be important,” wrote Weston Twigg, an analyst at Pacific Crest Securities, in a research note prior to the Stratasys report. “An industry rebound is not yet visible amid weak global capital spending trends,” Cowen analyst Robert Stone wrote, also before Stratasys earnings. During the quarter, Stratasys said it cut its workforce by 10% and “initiated programs to reduce operating expenses and optimize manufacturing.” In its earnings release, Stratasys said it can achieve a significant improvement in its operating structure in 2016 that will translate into improved operating profit compared with 2015. “Our fourth-quarter results reflect the impact of a market environment that is consistent with conditions we have observed throughout the year,” CEO David Reis said in the earnings release. “We are making progress in optimizing our company’s cost structure and improving working capital management, and were satisfied to observe a favorable trend in operating expenses and positive cash flow from operations during the quarter.”

Will Stratasys Q4 Earnings Justify Rebound in 3D Printer Stocks?

The health of the battered 3D printer industry will come into focus when Stratasys ( SSYS ) reports fourth-quarter earnings Thursday morning. Shares of Stratasys and 3D Systems ( DDD ) have been crushed since mid-2014, as both have posted disappointing quarterly earnings reports going back more than a year. But both stocks have rebounded in the past month or more. Stratasys stock is up 43% since hitting an all-time low of 14.88 on Jan. 26. 3D Systems stock has nearly doubled since hitting an all-time low of 6 on Jan. 20. ExOne ( XONE ) is up more than 60% from its low of 6.61 on Jan. 20. Voxeljet ( VJET ) is up nearly 35% from its all-time low of 3.50, also on Jan. 20. Stratasys stock was up 5%, above 21, in midday trading in the stock market today , while 3D Systems stock was up 3%, near 12. “There are no signs of a broad-based recovery yet, in our view, so demand commentary from Stratasys will be important,” wrote Weston Twigg, an analyst at Pacific Crest Securities, in a research note. Stratasys is expected to report Q4 revenue of $168.3 million, down 22% from Q4 2014, to mark its second quarter in a row of declining sales. The consensus on earnings per share minus items, according to a Thomson Reuters survey, calls for the company to swing to a 12-cent per-share loss from a 48-cent profit in the year-earlier quarter. Cowen analyst Robert Stone on Tuesday cut his price target on Stratasys stock to 19 from 25, as he lowered revenue expectations. “An industry rebound is not yet visible amid weak global capital spending trends,” Stone wrote in a research note. Meanwhile, 3D Systems last week delayed its Q4 earnings report for reasons “related to the completion of work related to the goodwill and intangible asset impairment charge.” It preannounced Q4 revenue expectations of approximately $183 million, down 2% and the second quarter in a row of falling sales but above the consensus estimate of $161 million. In December, 3D Systems announced it would discontinue its consumer 3D printer line. “While the better-than-expected revenue (of 3D Systems) is encouraging, we would caution not to read too much into Q4 in terms of any normalizing revenue run rate,” wrote Canaccord Genuity analyst Bobby Burleson in a research note.

Stratasys Lowers Outlook; 3D Printer Stocks Tumble

Stratasys (SSYS) lowered its 2014 earnings forecast early Wednesday, triggering a sell-off of 3D printer stocks. The company’s Q3 earnings and sales, however, beat Wall Street expectations. Stratasys stock was down 12% in early afternoon trading in the stock market today, near 107 and earlier touching a three-month low just above 103. Shares of fellow 3D printer makers 3D Systems (DDD), ExOne (XONE) and Voxeljet (VJET) were all down 5% in early