While its shares have gyrated wildly since their debut last year, David Burns, ExOne Co. president and chief operating officer, said the North Huntingdon 3-D printing company is “exactly where we said we would be.”
Mr. Burns outlined a number of milestones achieved in 2013 at the company's shareholder meeting held Monday at the Westin Convention Center Hotel, Downtown. They included acquisitions that will broaden the services the company can provide before and after printing 3-D parts, increasing revenue 38 percent, and nearly doubling the size of its engineering staff to promote research and development. The company had 190 full-time employees at the end of the year.
ExOne also announced that it now can print parts out of Inconel, a nickel-based alloy designed for the aerospace, chemical and energy markets.
Mr. Burns said the company's sales staff will start marketing the material in early June and he expects General Electric, Sikorsky, Boeing and other aerospace companies will be interested.
He said ExOne also is developing ways to print parts from titanium, aluminum, magnesium and other materials.
Mr. Burns told shareholders ExOne will expand capacity at its North Huntingdon facility this year as well as consolidate its German operations into a larger facility. The company is expecting revenue of $55 million to $60 million in 2014, up from $39.5 million last year. Research and development spending will total $6 million to $7 million versus $5.1 million last year, he said.
ExOne shares debuted in February 2013 at $18. They jumped to more than $78 as part of what Mr. Burns said was a bubble in 3-D printing stocks. Since then, the stock has lost more than half its value as investor exuberance for 3-D stocks waned. ExOne shares closed Monday at $36.32, up $1.71.
Len Boselovic: 412-263-1941 or firstname.lastname@example.org.