- Proto Labs' ( NYSE: PRLB ) fourth quarter results comfortably beat analyst expectations, and the company bumped up its share buyback program to $250 million, which sent its stock up surging nearly 30% on Friday.
- PRLB posted Q4 Non-GAAP EPS of $0.26, topping consensus by 5 cents, and revenue of $115.6M was ahead of expectations by at least $5.47M.
- Q4 net loss was $115.1 million, or $4.24 loss per diluted share, due to a goodwill impairment charge of $118.0 million. PRLB generated $10.5 million in cash from operations during the quarter.
- The company said its board approved a $50 million increase to its existing share buyback program, which brought the total amount to $250 million.
- As of December 31, 2022, the company purchased $117.7 million under the program, which expires December 31, 2024.
- For Q1 of 2023, Proto Labs said it expects to generate revenue between $114 million and $122 million, and non-GAAP EPS between $0.18 and $0.26. The consensus estimate for revenue is $113.04M and $0.22.
- Unfavorable forex impact on revenue is expected to be about $2.2 million in Q1 2023.
- PRLB stock lost over 50% of its value in 2022.
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Proto Labs stock rallies 30% after Q4 results top expectations, provides guidance