Protolabs (NYSE: PRLB) today met the Wall Street consensus on its Q1 earnings, surpassing analysts’ expectations when it came to revenue.
The Maple Plain, Minn.–based digital manufacturer — which supports medtech and many other industries — reported profits of $3.7 million, or 13¢ per share — about a quarter of the profits that Protolabs saw in Q1 2020. Revenue of $116.1 million was up slightly from a year ago.
Adjusted to exclude one-time items, earnings per share were 40¢, meeting The Street’s expectations, where analysts were looking EPS of 40¢ on sales of $113.22 million.
“During the first quarter of 2021, we achieved two very important milestones, the successful launch of Protolabs 2.0 and the transformative acquisition of 3D Hubs, which will enable us to accelerate growth,” Protolabs CEO Rob Bodor said in a news release.
“I am very pleased that we also delivered strong first-quarter financial performance within our expectations. As the COVID-19 vaccine rollout progresses and global demand continues to recover, our best-in-class digital manufacturing model positions us to expand our leadership position,” Bodor said.
Investors reacted by sending PRLB shares down more than –3% to $99.17 apiece by afternoon trading today. The Dow Jones Industrial Average is up slightly.