Proto Labs sinks to decade low on dour Q4 rev outlook, rating cut

Proto Labs

04/11/2022 17:02

** Shares of digital manufacturing services provider Proto
Labs Inc  PRLB.N  fall 28.3% at $25.59
    ** Stock trading at its lowest in a decade
    ** PRLB sees Q4 revenue in the range of $107 mln to $115
mln, well below analysts' estimate of $124.6 mln as per IBES
Refinitiv data
    ** Co reports Q3 rev of $121.7 mln, falling 2.9% from a year
ago, and missing Wall Street's expectations of $126.1 mln
    ** PRLB reports Q4 profits of 14 cents/shr, declining from
17 cents/shr a year earlier 
    ** Co says closure of its Japanese operations is expected to
have a $3.5 mln negative year-on-year impact on rev growth
    ** All six brokerages covering the stock rate it "hold";
their median PT is $45.50
    ** Post results, Craig-Hallum slashes rating to "sell" from
"hold", cuts PT to $20 from $42
    ** Stock has fallen 50.2% YTD compared with a 17.7% decline
in the S&P 600 Small Cap Index  .SPCY 
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))