3D Systems 1st Quarter Earnings Preview

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Profit Fan

3D Systems (NYSE:DDD) is scheduled to release its 1st quarter 2013 earnings on Tuesday, April 30th at 9:00 am ET. Below I have provided an update of the quarter as well as an overview of earnings expectations.

Profile and Estimates

3D Systems has a market cap of $3.25 billion and currently trades for $34.32 per share. Shares are down 1.27% YTD but trade 101.45% above their 52-week low of $17.04. Analysts have a mean target price of $41.50 and a median price target of $41.00 on the shares. Seven analysts have an average first quarter earnings per share estimate of $0.21 on estimated revenues of $101.61 million. 3D systems has met or surprised earnings expectations in each of the last four quarters.

Fundamentals and Highlights (Sources cited below article)


  • Net Income has averaged 231.8% over the past three years.
  • Revenues ahead of competitors Stratasys (SSYS) and ExOne (XONE). Graph in millions of dollars:

  • Net margin of 11% and ROA of 6.8 are both above the industry averages 8.8% and 4.1 respectively.
  • D/E of 0.2 is well below the industry averages 1.1.
  • Broad portfolio of 3D printers.
  • Growing demand for parts, printers and proprietary materials.
  • Rising Book Value

  • Improving ROIC and ROE


  • P/E of 49.5, P/B of 6.7 and P/S of 5.4 are all above the industry averages 21.2, 2.5 and 1.4 respectively.
  • ROE of 10.6 is below the industry averages 15.4.
  • Narrow Moat.
  • Risk of the unknown.


Management is expecting revenue for 2013 to be between $440 million and $485 million with EPS between $1.00 and $1.15 (post-split basis).

Take Away

So far, 3D Systems has managed to stay ahead of Stratasys and ExOne. I don't think its going to be hard for sales to continue to grow over the next few years but the big

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