Proto Labs, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $125.6 million. This figure represents a 3.9% decrease compared to the record revenue of $130.7 million achieved in the third quarter of 2023. Despite the overall revenue decline, the Protolabs Network segment demonstrated growth, generating $25.3 million in revenue, an 11.6% increase over the prior year's third quarter.
The company reported a GAAP profit of $0.29 per share and a non-GAAP profit of $0.47 per share for the quarter. Proto Labs also generated its best free cash flow since 2020 during this period, contributing to $52.2 million in cash profits year-to-date. This indicates strong operational cash generation despite the revenue headwinds.
Looking ahead, management provided guidance for the fourth quarter of 2024, projecting sales to be between $115 million and $123 million. GAAP profits for the upcoming quarter are expected to range from $0.10 to $0.18 per share. This outlook provides investors with expectations for the company's near-term financial performance.
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