MINNEAPOLIS & REHOVOT, Israel - Stratasys Ltd. (NASDAQ:SSYS) shares jumped 5.48% after the 3D printing company reported third quarter earnings that beat expectations and raised its full-year profit outlook.
The company posted adjusted earnings of $0.01 per share for Q3, surpassing analyst estimates of a $0.03 per share loss. Revenue came in at $140 million, slightly above the consensus forecast of $139.49 million but down 13.6% YoY from $162.1 million.
While revenue declined due to ongoing macroeconomic pressures impacting capital equipment spending, Stratasys highlighted its eighth consecutive quarter of YoY growth in recurring consumables revenue, reflecting strong printer utilization.
The company raised its full-year 2024 earnings guidance, now expecting adjusted EPS of $0.03 to $0.07, up from its previous outlook and above the $0.03 consensus. Revenue guidance was maintained at $570 million to $580 million.
"Our decisive actions to realign our business with current market realities are starting to yield results," said CEO Dr. Yoav Zeif. "We have successfully begun to transform the company through cost optimization and by focusing on higher-growth opportunities."
Stratasys noted its restructuring plan is ahead of schedule and on track to deliver $40 million in annual cost savings starting in Q1 2025. The company expects to be "well-positioned to deliver increased revenue growth, profitability and cash flow in 2025" once market conditions improve.
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