Analyst: ExOne Co. X's FY15 Revenue From Russia, ExCast

ExOne Co.

has the potential to grow faster than its peers in the 3D printing industry, according to an analyst who predicts it will instead merely keep pace. Jeffries' Jason North slashed his price target on ExOne by 30 percent to $21 a share, noting that the company's recent third-quarter profit-miss is the third in a row. The North Huntingdon, Pa. company recovered some ground Friday after the disappointing report earlier in the week, closing up 7.5 percent. But shares are off 26 percent in the past three months as results from the highly touted technology have been slow in developing. Investors had hoped that big investments in the company's so-called ExCast technology during the first half of this year would start to pay off. But Chief Executive S. Kent Rockwell ruled out a return from the technology during 2015. "I'm just –- in an effort to maintain some conservatism so we can gain back our credibility --I haven't put much ExCast in there," Rockwell said of revenue projections for next year. The company had also done a strong business in Russia until getting blocked by recent U.S. sanctions. Exone cut its 2015 revenue growth forecast to between 25 percent and 35 percent, versus a Street consensus of 38 percent. Rockwell said much of the recent miss was due to delayed shipments. "Every order that did not ship is now in place set up for shipping in the fourth quarter and it's really about timing," Rockwell told investors on a conference call. North maintained a Hold rating on ExOne and said the removal of Russia and ExCast from 2015 expectations adds clarity regarding its prospects.