ExOne reports first profit as sales, stock price surge
3-D printer maker ExOne Co. on Wednesday reported its first profit as a publicly owned company.
The North Huntington company's stock jumped 5.4 percent to $32.25, up $2.65, after it said net income for the final three months of 2012 was $902,000, an improvement over a net loss of $2.77 million in the same period a year earlier.
The company's revenue surged to $12.7 million, up 370 percent from $2.7 million last year.
“We made solid progress in 2012” said CEO Kent Rockwell, in a statement. “The recent technological advances of our 3D printing machines create persuasive economics for our industrial customers, who have demonstrated a growing interest in applying 3D printing in their manufacturing processes.”
ExOne makes three-dimensional printing machines and related products for additive manufacturing. The technology deposits thin layers of a material atop one another using a digital blueprint, to produce a precise component or product while using less energy than traditional manufacturing.
ExOne's stock has nearly doubled since it sold shares to the public on Feb. 6, when it offered 5.3 million shares at $18 under the symbol XONE, raising $95 million. It closed on the first day of trading on Feb. 7 at $26.52.
For the year 2012, revenue was $28.7 million, up 87.6 percent from $15.3 million in 2011. Net loss in 2012 was $10.2 million, compared with a net loss of $8.0 million in 2011.
ExOne was founded in 2003 as part of Extrude Hone Corp., which now is part of Kennametal Inc. in Unity Township.
John D. Oravecz is a staff writer for Trib Total Media. He can be reached at 412-320-7882 or email@example.com.