Shares of Proto Labs (NYSE:PRLB) soared over 13% in pre-market trading on November 1, 2024 after the digital manufacturing services company reported better-than-expected results for the third quarter of 2024 and provided an upbeat outlook for the current quarter.
For Q3 2024, Proto Labs posted adjusted earnings per share of $0.47, comfortably beating Wall Street's consensus estimate of $0.32. Revenue of $125.6 million also exceeded analysts' expectations of $121.4 million, despite representing a 3.9% year-over-year decline.
Looking ahead to Q4 2024, Proto Labs forecasted revenue in the range of $115 million to $123 million, bracketing the consensus estimate of $120 million. The company's adjusted EPS guidance range of $0.28 to $0.36 also signaled a potential uptick compared to Q3's adjusted EPS of $0.29. This improving outlook appeared to resonate positively with investors, fueling strong buying interest and driving the stock's substantial pre-market rally.
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