By RTT News,
May 09, 2014, 06:45:00 AM EDT
(RTTNews.com) - Stratasys Ltd. ( SSYS ) said that its GAAP net income for the first quarter 2014 was $4.1 million or $0.08 per share, compared to a loss of $15.5 million or $0.40 per share in the same period last year.
Non-GAAP net income for the quarter was $20.6 million or $0.40 per share, compared to $17.6 million or $0.43 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
GAAP revenue for the first quarter was $150.94 million, up from $97.21 million in the year ago quarter. Non-GAAP revenue of $151.2 million for the first quarter of 2014 represents a 54% increase over the $98.2 million non-GAAP revenue for the same period last year. Wall Street expected revenues of $143.31 million for the quarter.
Total non-GAAP revenue grew by 54% in the first quarter, and 33% when excluding the revenue contribution from MakerBot products and services, over the same period last year. System and consumables revenue grew by 40% and 29%, respectively, when excluding the contribution from MakerBot products. MakerBot branded products and services contributed $20.6 million to first quarter revenue, a 79% increase over the revenue that MakerBot generated as an independent company during the first quarter of 2013.
Stratasys reiterated revenue and net income guidance for the fiscal year ending December 31, 2014. The company expects GAAP net income to be in the range of $10.5 million to $19.9 million, or a $0.20 to $0.38 per share, Non-GAAP net income of $113 million to $119 million or $2.15 to $2.25 per share, and revenue of $660 million to $680 million. The company expects organic sales, excluding MakerBot sales, to grow at least 25% over 2013, with additional growth coming from MakerBot, which is expected to grow at a higher rate.
Street currently is looking for fiscal year 2014 earnings of $2.21 per share on annual revenues of $674.81 million.
Projected Non-GAAP net income is expected to be derived disproportionately from the second half of fiscal 2014, driven by the projected timing of operating expenses, as well as the projected timing and success of new product introductions and their corresponding ramp up in sales.
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