By Anna Prior
ExOne Co. /zigman2/quotes/207261429/composite XONE -0.19% swung to a fourth-quarter loss as the 3-D printer maker recorded a drop in revenue due in part to the mix of printers sold.
Machine revenue, which represented 66% of the company's total revenue for the quarter, fell 22% from the prior-year period as the company sold fewer expensive machines, though the total number of machines sold increased.
Shares fell 9.7% to $39.52 in after-hours trading as the quarterly results and the company's full-year revenue outlook fell short of Wall Street's expectations.
The company said it expects full-year revenue of $55 million to $60 million, while analysts polled by Thomson Reuters forecast revenue of $61.6 million.
ExOne, which was launched as a public company early last year, makes machines that build 3-D models and components for customers in the aerospace, automotive and heavy-equipment industries. The company has also targeted growth in its small metals-printing business in an effort to compete with traditional industrial manufacturers.
The company in January had lowered its revenue guidance for the recently completed year amid a delay in completed sales for some of its 3-D printers. ExOne at the time blamed the revenue shortfall primarily on machine sales not yet completed for customers in Russia, India, Mexico and France, adding that the delay involved approval processes that were deferred into 2014.
Overall, for the quarter ended Dec. 31, ExOne reported a loss of $3.2 million compared with a year-earlier profit of $902,000. On a per-share basis, the latest period's loss was 22 cents. Revenue fell 16% to $10.7 million.
Analysts were expecting per-share earnings of a penny and revenue of $12.1 million.
Gross margin narrowed to 30.9% from 49%.
Through Wednesday's close, the stock has risen 43% in the last 12 months.
Write to Anna Prior at email@example.com
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