Stratasys Ltd., the 3-D printing company whose customers include Nike Inc. and Ford Motor Co., climbed the most in more than two years after reporting second-quarter profit that beat estimates and raising its 2014 forecast.
Earnings, excluding some items, of 55 cents a share topped analysts’ average estimate of 45 cents. The company, which is based in Eden Prairie, Minnesota, and Rehovot, Israel, also boosted its full-year projections and now expects to make an adjusted profit of as much as $2.35 a share on revenue of as much as $770 million. Even the low end of the company’s new forecast exceeded the average of analysts’ estimates.
“We are increasing our projection for organic revenue growth in 2014 to at least 30 percent, and we are raising our financial guidance accordingly,” Stratasys Chief Executive Officer David Reis said in a statement today. Reis also said that the company’s acquisitions of Solid Concepts Inc. and Harvest Technologies are now expected to add to earnings this year.
Stratasys shares climbed 18 percent to $116.31 as of 11:55 a.m. in New York. The stock earlier rose as much as 22 percent, the biggest intraday jump since April 2012 and on track for the biggest gain on a closing basis since January 2010.
The industry, while still young, has transformed into a rapidly growing business as more companies look to 3-D printing to create products and technology. Stratasys bought startup MakerBot Industries LLC for about $400 million last year, prompting speculation that makers of 3-D printers, which layer materials to create objects, may be takeover targets.