NEW YORK (TheStreet) -- ExOne (XONE) is set to slide on Thursday after reporting fourth-quarter earnings and sales below analysts' expectations after market close a day earlier.
By market open, shares had taken off 11.5% to $38.70.
The three-dimensional printer manufacturer recorded a 22-cents-a-share net loss in the three months to December and revenue of $10.7 million, 16% lower than a year earlier.
Analyst averages compiled by Thomson Reuters had called for net income of a penny a share and revenue of $12.13 million.
The company said lower revenue was due to the mix of lower-priced machines sold over the fourth quarter. North Huntingdon, Penn.-based ExOne sold twelve 3D machines over the quarter, 4 more than the year earlier. However, machine revenue, which accounts for 66% of total sales, dropped 22% year over year.
However, the company remains positive on increased sales over the year ahead.
"As we progress in 2014, we believe that the adoption of 3D printing in industrial manufacturing applications is gaining momentum in our global marketplace," CEO S. Kent Rockwell said in a statement.