3D SYSTEMS CORP (DDD): restructuring charge — 3D Systems reports preliminary Q3 revenue $123-124M, down YoY; launches restructuring targeting $45-55M savings

3D SYSTEMS CORP

2023-Q3 EPS reported -$0.54 revenue$373,221,000

Preliminary Q3 2023 revenue $123-124M, down $8.3-9.3M from Q3 2022 due to soft printer demand.
New restructuring phase targets $45-55M in annualized cost savings by end-2024; majority by Q1 2024.
Withdrawing full-year 2023 guidance due to softening customer capital spending and macro/geopolitical uncertainty.
Management to discuss results and restructuring on Nov 8, 2023 conference call at 8:30am ET.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

3D SYSTEMS CORP reported third quarter ended September 30, 2023 results: revenue $123.0 - $124.0 million.

Period: third quarter ended September 30, 2023
Revenue: $123.0 - $124.0 million
Result: preliminary results

Exact text from the filing

For the third quarter 2023, the company expects revenues between $123.0 - $124.0 million, a decrease from third quarter 2022 revenue of $9.3 - $8.3 million, driven primarily by continued softness in printer demand.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.7

3D SYSTEMS CORP announced a restructuring affecting all functions across the company (rationalize headcount).

Type: restructuring
Affected area: all functions across the company
Headcount: rationalize headcount

Exact text from the filing

On October 25, 2023, the Company announced the next phase of its multi-faceted restructuring initiative designed to improve operating efficiencies throughout the organization and drive long-term value creation.

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3D SYSTEMS CORP filing history →

Source: SEC EDGAR

accession 0001171843-23-006406

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