The ExOne Company, North Huntingdon, Pennsylvania, USA, has revised its revenue guidance for the third quarter and full year 2019. The company reported that it expects third quarter revenue to be in the range of $10 million to $11 million, slightly less than expected in previous guidance which predicted that third quarter revenue would be up from the sequential second quarter revenue ($15.3 million).
Additionally, ExOne stated that it now expects 2019 revenue growth to be lower than its previous guidance, which was in the mid-teen percentage range. The company plans to release its third quarter 2019 financial results after the close of financial markets on November 7, 2019.
John Hartner, ExOne CEO, stated, “While we mentioned macroeconomic concerns in our second quarter earnings release and teleconference, the broadening global manufacturing slowdown has become more evident in our customer discussions. Heightened customer uncertainty, coupled with the mid-year timing of our new product launches and related execution challenges, have impacted our ability to achieve prior expectations for revenue growth in 2019.”
“In the third quarter, we were unable to finalise installation of five of our machine projects located at customer facilities, valued at approximately $5 million, which would have contributed to meeting our third quarter goal,” he continued. “We anticipate completion of these projects during the fourth quarter.”
“In spite of these delays, customer feedback demonstrates strong interest in our Binder Jetting technology, including our newly launched X1 25PRO™ and S-MAX Pro™ metal and sand 3D printing systems. This gives us a high degree of confidence in our future growth potential, despite near-term headwinds. We continue to believe that we have sufficient capital to support our operating plan and long-term goal of profitable growth,” he concluded.