The ExOne Company Reports 2017 Second Quarter Results

Consolidated revenue for the 2017 second quarter was down 8% compared with the prior-year period. Machine revenue was down 11%. Compared with the 2016 second quarter, there was one less machine sold in the 2017 second quarter. While non-machine revenue was down 6%, by excluding approximately $0.8 million of second quarter 2016 revenue attributable to product lines that the Company has exited, the comparable non-machine revenue grew by 5%. The growth was due to a net increase in sales from the Company’s production service center (PSC) and ExOne adoption center (EAC) operations, and evidences increased customer acceptance of binder jet technology.

For the first half of 2017, revenue was up 7% over the 2016 first half. Machine revenue was up 22%, driven by three more machine sales in the 2017 first half. Excluding approximately $0.8 million of first half 2016 revenue attributable to product lines that the Company has exited, the comparable non-machine revenue grew by 6%.

Given the long sales cycle and significance of a machine’s average selling price relative to total revenue, fluctuations in machine-sale revenue vary from quarter to quarter. ExOne does not believe that such quarter-to-quarter fluctuations are necessarily indicative of larger trends.

Second Quarter Operations – Impacted By Inventory Write-off and Investments

                 
($ in millions,

except per-share amounts)

Q2 2017 Q2 2016 Change % Change  
Gross profit $ 2.0 $ 3.5 ($1.5 ) (42 %)
Gross margin 18.8 % 29.8 %
Operating loss ($6.3 ) ($3.1 ) ($3.2 ) (104 %)
Net loss ($6.4 ) ($2.9 ) ($3.5 ) (118 %)
Diluted EPS ($0.40 ) ($0.18 ) ($0.22 ) (122 %)
 

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