ExOne Plunges on Sales Guidance

ExOne Co (NASDAQ: XONE) issued weak sales guidance. The company said it expects Q3 sales of $10 million to $11 million, versus prior guidance of 'modest' growth from Q2 sales of $15.3 million. ExOne projects FY19 sales growth to be lower than its previous forecast

The company, out of North Huntingdon, Pa., said it expects 2019 revenue growth to be lower than its previous guidance which was in the mid-teen percentage range. ExOne will provide an update to its full year 2019 outlook during its third quarter earnings teleconference on November 7.

Said CEO John Hartner, "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."

Hartner concluded, "In the third quarter, we were unable to finalize 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. We anticipate completion of these projects during the fourth quarter."

ExOne is a global provider of 3D printing machines and 3D printed and other products, materials and services to industrial customers. ExOne's business primarily consists of manufacturing and selling 3D printing machines and printing products to specification for its customers using its installed base of 3D printing machines

Shares dived 81 cents, or 9.8% to $7.42