NEW YORK (AP) -- Shares of The ExOne Co. tumbled Wednesday after the three-dimensional printer maker announced worse-than-expected quarterly results and issued a disappointing forecast.
THE SPARK: ExOne said late Tuesday that it posted a loss of $1.9 million, or 20 cents per share, in the first quarter, compared with a loss of $1.5 million in the same quarter a year ago. The company, which went public in February, didn't provide a per-share figure for the 2012 quarter.
Revenue nearly tripled to $7.9 million from $2.7 million on higher demand for the company's technology.
Analysts, on average, expected a loss of 8 cents per share on $8.6 million in revenue, according to FactSet.
THE BIG PICTURE: The stock drop erases the 10 percent gain the North Huntingdon, Pa.-based company posted Tuesday after fellow three-dimensional printer maker Stratasys Ltd. reported better-than-expected quarterly results.
ExOne attributed its larger quarterly loss to higher operating expenses. It added that the continued tough economic conditions in Europe have reduced customer demand in that market.
The company said it still expects its full-year revenue to total between $48 million and $52 million, with about two-thirds of that coming in the second half of the year. Analysts expect $53.3 million. Gross margins improved to 35.8 percent from 30 percent year over year during the quarter, and the company forecast full-year gross margins in a range of 42 to 46 percent.
THE SHARES: Down $5.53, or 11 percent, in afternoon trading after falling as low as $40.16 earlier in the day. Shares have traded between $23.50 and $49.11 since the company went public.