What's Happening: This morning, quick-turn manufacturer Proto Labs (NYSE:PRLB) reported its second-quarter earnings, which came in above Wall Street expectations. Shares were trading about 11% higher at the time of this writing.

Why It's Happening: In the second quarter, Proto Labs generated $64 million in revenue, an increase of 21% year over year, translating to $0.44 per share in earnings, or $0.50 per share on an adjusted basis. Wall Street was expecting Proto Labs to generate $62.6 million in revenue and earn $0.48 per share, after adjustments.

Proto Labs served a record number of product developers in the second quarter -- 11,822 -- representing an increase of 28% year over year and a 7% increase sequentially. The company's average revenue per product developer also increased by about $100 from the first quarter to slightly over $5,400. Both of these metrics suggest that Proto Labs' rapid manufacturing services are growing in popularity across the industry.

On the international front, Proto Labs grew revenues by nearly 14% year over year in the second quarter, and accounted for about 23% of the company's total quarterly revenue. Currencies negatively affected Proto Labs' gross margin by 80 basis points year over year.

Overall, Proto Labs' revenue grew across all of its business segments and geographies, which CEO Vicki Holt attributed to strengthening its leadership team and driving more focused marketing and sales efforts. Proto Labs ended the quarter with $142 million cash and zero debt.