ROCK HILL, S.C. (AP) — 3D Systems Corp. shares plunged Wednesday after the 3D-printer maker said that its annual profit may come in lower than expected due to softer demand for consumer printers and printer parts.
The Rock Hill, S.C.-based company said that it expects to earn between 83 and 87 cents per share on an adjusted basis for the year. That is below its previous forecast of 93 cents to $1.03 per share. Analysts polled by FactSet were anticipating 97 cents per share.
3D Systems also said that it expects its full-year revenue will be between $513 million and $514 million, within its prior guidance but below analyst expectations of $514.2 million.
The company said that professional demand for 3D printers and material was strong and its gross profit margin expectations are unchanged. But the weaker consumer demand, along with increased research, design and sales and marketing costs weighed on its profitability.
3D Systems is scheduled to report its fourth quarter results on Feb. 28.
Shares fell nearly 16 percent to $63.79 in midday trading. Its stock price is still up 53 percent over the past 12 months.