3D Systems’ Net Income Surges on Tax Benefit
3D Systems Corp. in Valencia reported a more than sixfold profit increase in its third quarter, in large part due to a tax benefit.
3D posted a profit of $4.87 million for the three-month period ended Sept. 30, compared to a $733,221 profit in the same quarter a year earlier. The latest quarter’s net income includes a $3-million tax benefit from the recognition of deferred tax assets. Without the benefit, the company’s third-quarter net income would have been $1.9 million.
Sales in the third quarter climbed 39% to $15.6 million from $11.2 million a year earlier.
3D develops and manufactures systems to make prototypes of industrial products using computers and three-dimensional modeling.
For the nine months that ended Sept. 30, 3D reported net income of $7.6 million, up from $2.1 million a year earlier. Sales for the nine months climbed 41% to $43.9 million from $31.1 million.