NEW YORK (TheStreet) -- Shares of 3D Systems Corp (DDD) are sliding, lower by 6.2% to $22.71 on heavy volume in afternoon trading on Wednesday, following the company's first quarter earnings release this morning.
For the quarter 3D Systems earned 5 cents per share, in-line with Wall Street estimates.
Revenue for the first quarter came in at $160.7 million, edging out the $159.3 million consensus estimate.
But the company withdrew its previously-released full-year financial guidance amid a drop-off in demand.
Its guidance called for full-year revenue in the range of $850 to $900 million, and earnings in a range of between 90 cents and $1.10 per share.
3D Systems president and CEO Avi Reichental said in a statement, "We were surprised and disappointed by the abrupt interruption in customer demand late in the quarter from several economic factors that we believe caused many of our customers to defer their planned investments."
Rock Hill, SC-based 3D Systems is a holding company that provides three-dimensional printing centric design-to-manufacturing solutions, including 3D printers, print materials and cloud sourced on-demand custom parts services for professionals and consumers.
Separately, TheStreet Ratings team rates 3D SYSTEMS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate 3D SYSTEMS CORP (DDD) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."