Weakness in Europe pulls down Stratasys Q2 revenues

Stratasys (NASDAQ: SSYS) a leading manufacturer of 3D printers, on Wednesday, reported 4% slip in second-quarter revenues to $163.2 million, lower than the Wall Street projection of $168.7 million. The revenues were hurt by the economic weakness in Europe, impacting general spending in the automotive and industrial machinery markets.

Net income was 16 cents per share, compared to 15 cents per share it reported in the year-over period. The Q2 EPS was a cent higher than the analysts’ estimate.

Interim CEO Elan Jaglom said, “We believe that we are well positioned to return to growth in Europe when macro conditions improve, and our new products and platforms are launched and adopted in the market.”

The Israeli company ended its last trading session down 0.32% on Tuesday.  SSYS shares have gained 51.8% in the year-to-date period and 46% in the trailing 12 months.    

READ: Samsung dips on weak memory chip price in Q2

Outlook

For fiscal 2019, the company expects revenues of $670 to $700 million. Guidance on GAAP net loss for this period was lowered to 5-31 cents per share, from the earlier guidance of 22-40 cents per share.

Excluding one-off items, net income for the full year is projected to hit 55-70 cents per share.

Rival 3D Systems (NYSE: DDD) is scheduled to report second-quarter financial results on August 7.

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