ExOne Loss Widens, Cuts Outlook; Stock Down - Update

(RTTNews) - ExOne Co. (XONE), a provider of 3D printing machines, Tuesday reported a second-quarter loss that narrowed from a year ago, helped by higher revenues and margins. Nonetheless, results for the quarter fell short of Wall Street estimates.

The company indicated revenues for 2013 at the lower end of its prior range, dragging its shares down 16 percent in after-hours trade.

ExOne, which made its debut on the Nasdaq in February, posted quarterly net loss of $1 million or $0.08 per share. This compares with a net loss of $3.6 million a year ago.

On average, four analysts polled by Thomson Reuters expected a loss of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

The North Huntingdon, Pennsylvania-based company reported revenues of $9 million, compared with $4.7 million a year ago. Analysts expected revenues of $9.33 million for the quarter.

The company indicated increasing machine sales and expanding its printed products and materials network.

Results were propped up by gross margin that expanded sharply to 45 percent from 33 percent last year, partly on improved volume and favorable sales mix.

For fiscal year 2013, ExOne now expects revenue to be at the lower end of its prior range of $48 million to $52 million. Analysts currently expect revenue of $50.47 million.

In February, ExOne closed its initial public offering of about 5.5 million shares at a price of $18.00 apiece, netting gross proceeds of about $99 million. On Tuesday, the stock closed at $75.67, up $4.91 or 6.94%, on a volume of 1.5 million shares. In after hours, the stock dropped $12.45 or 16.45%.