ExOne (XONE) Tops Q3 EPS by 16c, Revenues Miss

ExOne (NASDAQ: XONE) reported Q3 EPS of ($0.02), $0.16 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $16.6 million versus the consensus estimate of $22.05 million.

• 2018 Q3 revenue of $16.6 million; full year 2018 revenue growth goal remains 20%
• Q3 net loss of $0.3 million, $0.02 loss per share
• Gross margin improved to 39.6% in Q3
• Significant progress on global cost realignment initiative
  • Q3 operating expenses down 14% compared with prior year
• Goal to achieve net income for second half of 2018
• Reiterating goal to achieve net income and positive operating cash flow in 2019

S. Kent Rockwell, ExOne’s Chairman and Chief Executive Officer, stated “Our team is cohesively focused on profitable growth. We have been aggressively executing on our global cost realignment initiative and our progress is reflected in our third quarter results with positive adjusted EBITDA*. We removed excess costs throughout our organization, including consulting and personnel-related expenses, while also focusing on asset optimization and outsourcing. To date, we have implemented approximately $8 million of net annualized cost reductions, with an overall goal of cost savings of approximately $10 million. With our program well underway, we expect net income and operating cash flow to be positive in the fourth quarter of this year.”

He continued, “The evolution of our fine powder direct printing machine technology from our Innovent®+ to our larger units is advancing as planned. We have customers eagerly awaiting our introduction of these exciting new models, which continue to be anticipated in 2019.”

Outlook

Mr. Rockwell concluded, “Consistent with our pattern of quarterly revenue cyclicality, we expect a very strong fourth quarter. We anticipate this will be driven by current backlog, recent order activity, and our increasing sales pipeline as we strive toward our 2018 goal of 20% revenue growth over 2017. With that level of revenue we are confident in our ability to achieve net income in the second half of 2018. We reinforce our commitment to further the advancement and market acceptance of our binder jetting technology as well as achieve net income and positive operating cash flow in 2019. Additionally, we continue to believe that our existing capital resources are sufficient to support our operating plan.”

For earnings history and earnings-related data on ExOne (XONE) click here.

You May Also Be Interested In

• CaliberCos Inc (CWD) Misses Q2 EPS by 43c; Offers Guidance
• Enhanced Group Inc. (ENHA) Reports Q2 Loss of $0.53
• Brookfield Wealth Solutions Ltd. (BNT) Reports Q2 EPS of $0.07