What happened
Shares of Stratasys (SSYS 2.19%) were down 9.1% as of 2:40 p.m. EDT Thursday after the 3D printing leader announced mixed second-quarter 2019 results relative to expectations.
Stratasys' revenue fell 4.1% year over year to $163.2 million, around $5.5 million below most analysts' targets. That translated into a 6.7% increase in adjusted net income per share to $0.16, beating estimates by $0.01 per share.
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So what
For perspective, revenue was roughly flat after excluding contributions from divested businesses over the past year. Interim CEO Elan Jaglom said the quarter saw continued growth across Stratasys' systems, consumables, and services offerings in the Americas region. But that strength was more than offset by the negative impacts of foreign currency exchange and weak spending in the European automotive and industrial-machinery markets.
Meanwhile, Jaglom credited Stratsys' bottom-line outperformance to its focus on driving operational improvements and profitability.
Now what
Stratasys reaffirmed its previous guidance for full-year 2019 revenue of $670 million to $700 million, and for adjusted net income of $30 million to $38 million, or $0.55 to $0.70 per share.
Given its seemingly light revenue in Q2, however, and with shares already up nearly 50% year to date leading into this report, it's no surprise to see Stratasys giving up some of those gains today.
