FBR Capital Impressed with The ExOne Company (XONE) First Report Post-IPO

March 28, 2013 10:45 AM EDT Send to a Friend
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Price: $21.56 -1.87%

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3D printing company The ExOne Company (NASDAQ: XONE) knocked it out of the park in the fourth quarter, its first earnings report as a public company, according to analysts at FBR Capital.

Revenues for 4Q12 of $12.7 million compared with FBR/consensus of $12.0 million/$12.3 million with both machine and PSC revenues modestly better. Gross margins came in much better than expectations at 49.0% versus FBR's 38.2% estimate with solid operating margins at 16% compared to FBR's 9.4% estimate. Management did not provide an EPS number, and FBR's calculations suggest operating EPS of $0.12 versus FBR/consensus of $0.07/$0.08.

Guidance was broadly in line with expectations, they said.

"We like ExOne’s unique positioning in the 3D industry, with its binder jetting
technology and ability to print in sand and metal at relatively fast speeds in addition to low costs enabling the company to address industrial applications," analyst Ajay Kejriwal said. "Despite the limitations of the technology today, a sizeable market opportunity exists, and we view ExOne as at the cusp of transitioning to a higher-growth mode as adoption of its 3D printing technology increases."

FBR Capital maintained an Outperform rating and price target of $32.00.

For an analyst ratings summary and ratings history on The ExOne Company click here. For more ratings news on The ExOne Company click here.

Shares of The ExOne Company are up 11 percent to $34.03.


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