3-D printing company ExOne (NASDAQ:XONE) released its third-quarter financial results on Wednesday after market close, delivering 36% revenue growth and turning an operating profit for the first time in the young company's public history. Shares of ExOne have surged more than 120% since the company's initial public offering in February.
ExOne designs and builds 3-D printers, specializing in producing components for advanced manufacturing. As such, its 3-D printers are much larger, more powerful, and more expensive than consumer models, with top-shelf models costing well above $1 million. It uses its own 3-D printing machines to create parts on spec for customers, but is also attempting to ramp up the sale of its machines, particularly to industrial customers. Revenue growth in the third quarter, from $8.5 million in 2012 to $11.6 million in 2013, was driven by hardware sales. Revenue from printed products and materials rose only 13%, while sales of machines rocketed up 50% on the back of just eight 3-D printer sales.
ExOne eked out an operating profit of $300,000, compared to a operating loss of $5.7 million in 2012. However, it won't be net profitable anytime soon, as the company is in the midst of a $40 million-$50 million investment campaign in ramping up its manufacturing capacity and production service ability. CEO S. Kent Rockwell did reiterate full-year guidance on the low end of $48 million-$52 million, in line with consensus estimates of $48.2 million, which would represent a 65% gain over 2012.
Management will provide more details to investors and analysts in a conference call scheduled for Thursday, November 14, at 8:30 a.m.