Shares in 3D Systems Corp (NYSE:DDD) shot up Wednesday in premarket trade after the pioneer in three-dimensional printing posted second-quarter results that beat Wall Street expectations on profit and revenue.
For the quarter ended June 2018, the South Carolina-based company posted earnings of US$0.06 per share on revenue of US$$176.6mln. The results topped Wall Street expectations for earnings of US$0.01 per share on revenue of US$165.8mln. Revenue grew 3.9% on a year-over-year basis.
Shares of 3D Systems jumped 15.6% to US$15.70 in premarket trade.
3D Systems markets 3D printers, print materials and cloud sourced custom parts.
"We are pleased with our results for the second quarter, which were driven by strong revenue growth, including growth in both printer revenue and units as we continue to improve execution and are seeing the early returns on our investments in both innovation and go-to-market," said 3D Systems CEO Vyomesh Joshi.
3D Systems reported 41% higher printer revenue on 37% higher printer unit sales. Health care solutions grew 26%, while materials and on-demand manufacturing also saw growth.
The industrial 3D printing market is expected to expand to more than US$7bn by 2024 growing at a compound annual growth rate of 27%, according to an industry forecast.
Contact Uttara Choudhury at [email protected]