ExOne reports its 2018 fourth quarter fiscal results
March 26, 2019
The ExOne Company, North Huntingdon, Pennsylvania, USA, has reported its financial results for the fourth quarter and year ended December 31, 2018. The company stated that it had seen record quarterly revenue of $25.3 million, and a record full-year revenue of $64.6 million for 2018.
S Kent Rockwell, ExOne’s Chairman and Chief Executive Officer, stated, “We are pleased to have attained our 2018 goal for net income in the second half of the year, achieving $0.11 of earnings per share in the second half. The results of our 2018 global cost realignment initiative announced in June demonstrate production efficiency and operating leverage opportunity.”
“With our focus on profitability, cash flow, and long-term growth, we are especially satisfied with these results despite some customer delays causing lower than expected revenue,” he continued. “Revenue predictability is dependent upon timing of customer actions which, at times, can be difficult for us to forecast with accuracy. However, our customer pipeline remains robust and we have the production capacity to satisfy customer requirements.”
ExOne’s full-year revenue for 2018 represented growth of around 12% over 2017, with a three-year compound annual growth rate of 17%. Machine revenue was stated to be up 21%, with non-machine revenue also marginally improved by 2%, said to be impacted by production service centre changes.
The company reported that it had generated nearly $21 million of gross profit, 32.4% of sales. This figure represented about 45% growth over 2017 and a three-year compound annual growth rate of 36%. The company further added that through the initiation of its 2018 global cost realignment initiative, it had reached approximately $7 million of net annualised run rate cost reductions.
