Earnings of $1.02 per share fell short of the $1.06 per share analysts were anticipating. Revenue of $5.686 billion came in below the expected $5.718 billion.
The increase in generic drug approvals by the FDA contributed to the company's struggle in the most recent quarter. The company also cut its dividend and lowered its full year guidance.
Adjusted earnings came in at 8 cents per share on revenue of $159.5 million, while FactSet had estimated earnings of 12 cents per share on revenue of $162.5 million. 3D Systems issued its guidance for the year, expecting earnings on an adjusted basis to be flat while revenue is forecast to come in at $671 million.
Shares of Molina Healthcare (MOH) - Get Report are taking a hit following an unexpected second quarter loss. Molina posted a net loss of $4.10 per diluted share and has undertaken a restructuring plan to reduce annualized run-rate expenses.
Molina will also be cutting 1,500 jobs and will exit markets in Utah and Wisconsin.
"We are disappointed with our bottom-line results for this quarter and have taken aggressive and urgent steps to substantially improve our financial performance going forward" company financial chief Joseph White said.
Shares of restaurant company Cheesecake Factory (CAKE) - Get Report were lower by 3.4% to $45.51 this morning, after the company guided third quarter comps down 1% to 2% versus the consensus estimate of 0.3%. Cheesecake Factory reduced its full year comp and EPS guidance.
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