ExOne Corporation Video Still
The ExOne Company (NASDAQ:XONE) has fallen in after-hours trading after it was revealed the 3D printing business's second-quarter financial results failed to meet analysts' expectations.
Released yesterday (August 13th), the company's April-June data showed the organisation suffered a net loss of $1.1 million (£712,204.9) over the three-month period, equal to $0.08 per share.
This missed analysts' estimates of a loss of $0.06 cents per unit share.
ExOne joined the stock market in February at $18 per share. Its 52-week stock price ranges from $23.50 to $78.80 and the company has a market capitalisation of just over $1 billion.
Encouraging second-quarter figures had been expected for the April-June period, which pushed ExOne's stock to a fresh all-time high of $78.80 per share as the NASDAQ closed for the day yesterday.
Nevertheless, ExOne's second-quarter sales are 97 per cent higher year on year, but in spite of this, ExOne's $9.2 million in sales for the quarter ending June 30th still missed Wall Street's expectations of $9.33 million.
ExOne has reported a second-quarter EBITDA (earnings before interest, taxes, depreciation an amortisation) loss of $300,000, which is an improvement on the loss of $2.7 million in last year's Q2.
Looking to the future, the company now sees its full year results for 2013 at the lower end of its previous guidance of $48 million to $52 million against analysts' consensus of $50.5 million. These expectations are based on no additional laser drilling machine sales in 2013, the timing of year-end shipments and the consistent weakness of the Japanese yen.
During the April-June 2013 period, ExOne's machine revenue was $5.8 million, with four S-Max platforms being sold over this timeframe to customers in Japan, India, the US and Russia. Machine revenue represented 63 per cent of total revenue in the second quarter of 2013 compared to just one machine being sold in 2012's second quarter.
Production Service Center (PSC) revenue for the second quarter was $3.4 million, which is a six per cent year-on-year hike and represents more than one-third (37 per cent) of the quarter's total revenue.
Between $40 million to $50 million in estimated growth investments are planned for 2013-14, including around $20 million for the recently announced expansion and consolidation for the company's German operations.
CEO Kent Rockwell commented: "We believe our results continue to demonstrate the effective execution of our growth strategies. We are increasing machine sales, expanding our PSC network and building our material and binders portfolio. We believe ExOne remains distinctively positioned as a leading industrial provider of 3D printing machines and printed products, and we expect demand to continue to increase."
Mr Rockwell and his colleagues will be holding a teleconference later today to discuss second-quarter results and their strategy for growth.
