Stratasys Shares Jump as Profitability Outlook Improves

Dow Jones11-13 23:35

By Dean Seal

Shares of Stratasys climbed after the company raised its earnings outlook for the year and unexpectedly turned an adjusted profit in the third quarter.

The stock was up 18% at $9.90 in early trading on Wednesday. Shares are still 31% lower than where they started the year.

The maker of 3D printers said before the bell that it is on track for full-year adjusted earnings of 3 cents to 7 cents a share, up from a prior target of 1 cent to 5 cents a share.

Chief Executive Yoav Zeif said the company's cost-cutting actions are translating to stronger margins.

In the third quarter, the company narrowed its loss to $26.6 million, or 37 cents a share, from a loss of $47.3 million, or 68 cents a share, in the same quarter a year ago.

Adjusted earnings were 1 cent a share. Analysts polled by FactSet had been expecting an adjusted loss of 4 cents a share.

Revenue fell 14% to $140 million, clearing analyst projections by $500,000, according to FactSet.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 13, 2024 10:35 ET (15:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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