Shares of 3D Systems plunged as much as 10.88% to $26.85 in early trading Friday after the company released its preliminary results for the first quarter of 2015. The Rock Hill-based 3D printing company said it anticipated Q1 revenue to come in the range of $158-$160 million, compared to the consensus estimate of $182.78 million.

3D Systems Corporation Crashes On Weak Preliminary Q1 Results

3D Systems puts the blame on dollar, macroeconomic pressures

3D Systems said its March quarter GAAP net loss will be in the range of 13-15 cents per share. Non-GAAP earning is expected between 2-4 cents per share. By comparison, analysts polled by Thomson Reuters were expecting 17 cents a share in non-GAAP earnings. 3D Systems said it ended the March quarter with about $200 million in cash and cash equivalents.

Note that these are preliminary results that are subject to quarter-end closing adjustments. Actual results may vary when the company releases final results on May 6. 3D Systems CEO Avi Reichental blamed lower oil prices and a stronger dollar for the company’s poor performance. Reichental said falling oil prices forced many aerospace, healthcare and automotive clients to delay the new printer purchases and restrict the service and materials purchases.

3D Systems said currency headwinds reduced its first-quarter revenue by $12 million compared to Q1, 2014 exchange rates. Direct metal printer sales rose 46% while the sales of consumer printer units skyrocketed 169% during the quarter. The 3D printing company said its gross margins improved by 110 basis points QoQ to approximately 49%.

3D Systems to review its full-year guidance

Given the forex headwinds and macroeconomic pressures, the company will review its full-year guidance and update investors during the May 6 conference call. Previously, 3D Systems had guided FY2015 revenue of $850-$900 million with non-GAAP earnings between $0.90 and $1.10 per share. Analysts on average expect full-year revenue of $857.43 million with $0.95 per share in earnings.

Earlier this month, 3D Systems acquired Chinese prototyping firm Easyway Design and Manufacture Co for an undisclosed amount and renamed it 3D Systems China. Easyway boasts of an impressive client list including Nissan, Panasonic, Philips, Volkswagen and Omro.