Protolabs Sees Softer Start To 2024 Despite Hitting $500M Milestone Revenue In 2023: Details
Portfolio Pulse from Akanksha Bakshi
Proto Labs, Inc. (NYSE:PRLB) reported a revenue growth of 8.2% YoY in Q4 fiscal 2023, reaching $125.05 million and surpassing consensus estimates. The company's adjusted EPS improved to $0.46, beating expectations. Protolabs achieved a milestone by generating over $500 million in revenue for the first time in its history. However, the company anticipates a softer start to 2024, with expected Q1 revenue between $120 million-$128 million, slightly below consensus estimates, due to lower order levels in December 2023 and early January 2024. PRLB shares rose 2.29% to $38.04.
February 09, 2024 | 4:30 pm
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Proto Labs reported strong Q4 fiscal 2023 results, with revenue and EPS exceeding expectations and achieving over $500 million in annual revenue for the first time. However, the company provided a cautious Q1 2024 outlook.
The positive Q4 fiscal 2023 performance and the milestone achievement of surpassing $500 million in annual revenue are significant positives for Proto Labs and its investors, likely contributing to the short-term stock price increase. However, the cautious outlook for Q1 2024, due to lower order levels, introduces uncertainty that could temper investor enthusiasm. The net effect is expected to be positive in the short term, as the strong Q4 results and historical milestone may outweigh the cautious outlook.
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