3D Systems posts 36 percent jump in 4Q profit

ROCK HILL, S.C. (AP) -- 3D Systems Corp. said Monday its fourth-quarter net income jumped 36 percent, helped by higher demand for its printers, but the company offered weak guidance for 2013 and its shares tumbled.

The Rock Hill, S.C.-based company earned $10.9 million, or 19 cents per share, up from $8 million, or 16 cents per share, in the same quarter a year earlier. Excluding amortization costs and other items, adjusted earnings per share were 39 cents.

Revenue jumped 45 percent to $101.6 million from $69.9 million, reflecting organic growth — or growth from existing businesses — of nearly 19 percent.

The profit beat Wall Street predictions by a penny, while the revenue fell short. Analysts, on average, expected a profit of 38 cents per share on $104.1 million in revenue, according to FactSet.

The company said its gross profit margin expanded 460 basis points to 51.7 percent, and it ended the quarter with a backlog of $11.4 million, up 23 percent from the third quarter.

For the full year 2012, 3D Systems earned $38.9 million, or 71 cents per share, up from $35.4 million, or 70 cents per share, in 2011. Revenue rose to $353.6 million from $230.4 million.

The company projected an adjusted 2013 profit of $1 to $1.15 per share on $440 million to $485 million in revenue. Analysts expect earnings of $1.57 per share on $447.5 million in revenue.

3D Systems also said a 3-for-2 stock split became effective as of Friday.

Shares of 3D Systems dropped $2.09, or 5.5 percent, to $35.88 in afternoon trading, after falling as low as $30.28 earlier in the day.