Perceptron's (NASDAQ:PRCP) FQ4 revenue of $17.4M missed a sole analyst estimate of $18.3M. EPS of $0.10 missed an estimate of $0.23.
The 3D industrial measurement/inspection system vendor says "several customers delayed system installations" in FQ4, pushing revenue into FY15 and (due to fixed costs) hurting margins.
Perceptron adds profits were also hurt by "additional operating costs, primarily related to the management changes made over the course of the year, higher costs associated with additional Sarbanes Oxley compliance requirements and investments we are making to implement our new strategic plan."
Bookings totaled $20.4M, -5% Y/Y but exceeding revenue by $3M. Backlog rose by $3M Q/Q and $8.9M Y/Y to $39.3M. Americas sales totaled $6.1M, European sales $7.8M, and Asia-Pac sales $3.5M.
Gross margin fell 540 bps Y/Y to 42.7%. SG&A spend was roughly flat at $4.2M, while R&D spend fell 11% to $1.8M.
Citing gross margin pressure stemming from an unfavorable mix, along with heavy spending, 3D Systems (DDD -27.4%) now expects to report 2013 EPS of $0.83-$0.87, below prior guidance of $0.93-$1.03 and a $0.96 consensus. Revenue is expected to be in a range of $513M-$514M, in-line with guidance of $500M-$530M but slightly below a $514.2M consensus.
3D's full-year guidance implies Q4 EPS of just $0.16-$0.20, far below a $0.30 consensus.
The company also now expects 2014 revenue of $680M-$720M and EPS of $0.73-$0.85. While the former is above a $671.3M consensus, the latter is below a $1.27 consensus.
Whereas 3D's gross margin rose 80 bps Y/Y in Q3, it's expected to be down slightly in Q4.
With the company carrying steep multiples going into today, 3D Systems investors aren't taking the news well. Neither are investors in peers Stratasys (SSYS -12.3%), ExOne (XONE -13.7%), and Voxeljet (VJET -10.1%).
Other companies occasionally hyped as 3D printing plays are also off sharply: PRLB -6.2%. PRCP -10.7%. CIMT -6.3%.
Perceptron (PRCP) shares dive 24.4% AH following the company's FQ1 report, which saw an unexpected loss of $0.07/share.
Gross margins collapsed to 34.7% in FQ1 from 46.1% in the prior year, "due primarily to timing differences between the recognition of revenue and material and labor costs." Management "expects margins to return to more normal levels for the rest of fiscal year 2014."
Sales backlog climbed 16.6% Y/Y $35.9M at the end of FQ1.
CFO Jack Lowry: "we expect quarterly sales improvement during the fiscal year, with the second half ... expected to be considerably stronger than the first half, and a profitable fiscal 2014."
Shares of Perceptron (PRCP) rally 32% premarket following an upbeat FQ4 report Wednesday evening.
Revenue rose 62% Y/Y for the quarter.
Gross margin came in at 48.1%.
Q4 bookings were $21.4M; backlog is now $30.4M.
"2013 was a very good year for the company [as] continuing business exceeded $60M in sales for the first time, gross margin improved, and operating income improved both in total dollars and as a percent of sales," CEO Harry Rittenour said. (PR)
Measurement/inspection toolmaker Perceptron (PRCP -12.5%) and injection molding/machining firm Proto Labs (PRLB +24.2%), two companies hyped as 3D printing plays (though some disagree about PRCP), head in opposite directions following their calendar Q4 reports. PRCP missed revenue estimates thanks to a 35% Y/Y drop in Americas sales, and is guiding for FY13 revenue to be roughly flat - the consensus is for a 5.2% increase. PRLB beat estimates and saw a 570 bps Y/Y increase in gross margin to 62.5%. CIMT +12.4%. XONE +5.5%. DDD +4.1%.