3D Systems and Icahn Enterprises released their latest earnings reports before opening bell this morning. 3D Systems posted earnings of 5 cents per share or $5.2 million on $152.6 million, representing a 5% year over year decline, against the consensus estimates of 5 cents per share on $156.3 million in revenue. Excluding sales of discontinued products, sales declined 2% from the year-ago quarter.
Icahn Enterprises posted losses of $6.21 per share or $837 million on $3.1 billion in revenue, compared to last year’s net income of $1.27 per share or $161 million and revenue of $4.5 billion. The firm’s energy segment had a significant negative impact on its first quarter results.
3D Systems plans new initiative
3D Systems’ GAAP losses were 16 cents per share or $17.8 million, while the gross margin increased 170 basis points to 50.8% as 3D Systems shifted away from consumer-oriented products. The 3D printing company generated $18.1 million in cash from operations and had $169.8 million in cash on its balance sheet at the end of the first quarter.
“I’ve spent the past month listening to and learning from customers, partners and employees,” said 3D Systems CEO Vyomesh Joshi in a statement. “I will be focusing on improving quality, reliability and supply chain. The next phase for us is to develop a strategy to drive profitable growth with operational excellence and an appropriate cost structure.”
Shares of 3D Systems surged 6.28% to $15.40 in premarket trading after this morning’s earnings announcement.
Icahn Enterprises swings to a loss
Icahn Enterprises’ adjusted EBITDA was -$80 million, which was worse than last year’s $576 million, while adjusted EBIT was -$258 million, compared to last year’s $429 million. The firm took a $334 million non-cash goodwill impairment charge in its energy division.
Shares of Icahn Enterprises were inactive in premarket trading following this morning’s earnings report.