Proto Labs Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting mixed performance across various metrics compared to the previous fiscal period.
For the three months ended September 30, 2024, the company generated revenue of $125.6 million, a decrease of $5.1 million (3.9%) from $130.7 million in the same period of 2023. This decline was primarily attributed to a drop in Injection Molding revenue, which fell to $46.8 million from $51.7 million, a decrease of 9.4%. Conversely, CNC Machining revenue increased slightly to $53.3 million from $52.9 million, marking a 0.8% rise. For the nine months ended September 30, 2024, total revenue was $379.1 million, a marginal increase of $311,000 (0.1%) from $378.8 million in 2023.
Gross profit for the third quarter was $57.2 million, down from $59.3 million in 2023, while gross margin improved slightly from 45.4% to 45.6%. For the nine-month period, gross profit increased to $171.2 million from $166.2 million, with gross margin rising from 43.9% to 45.2%.
Operating income for the third quarter decreased to $8.6 million from $10.4 million, while for the nine months, it rose to $21.4 million from $19.8 million. Net income for the third quarter was $7.2 million, down from $8.0 million in 2023, whereas net income for the nine months increased significantly to $17.0 million from $10.2 million, reflecting a 66.1% rise.
The company reported cash and cash equivalents of $87.9 million as of September 30, 2024, an increase from $83.8 million at the end of 2023. The increase was driven by $60.5 million in net cash provided by operating activities, offset by significant expenditures including $46.0 million in stock repurchases.
Strategically, Proto Labs announced plans to close its prototype injection molding facility in Eschenlohe, Germany, and discontinue Direct Metal Laser Sintering 3D printing services in Putzbrunn, Germany. This restructuring is expected to incur charges between $4.5 million and $6.0 million, with approximately $4.0 million anticipated in Q4 2024.
Overall, while revenue showed a slight decline in the third quarter, the nine-month results indicated growth in net income and gross profit, alongside strategic adjustments aimed at optimizing operations.
About Proto Labs Inc
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