Proto Labs Shares Drop 11% Despite Q3 Earnings Beat

(RTTNews) - Proto Labs, Inc. (PRLB) shares fell 11.33 percent to $47.02, down $6.01 in Friday trading, even after reporting stronger quarterly earnings that exceeded analyst expectations. The company posted net income of $7.22 million, or $0.30 per share, compared with $7.19 million, or $0.29 per share, a year earlier. Revenue increased 7.8 percent to $135.37 million from $125.62 million last year.

The stock opened at $53.60 and traded between $45.10 and $54.63, compared with a previous close of $53.03 on the New York Stock Exchange. Volume reached 333,000 shares, above the average of 185,000. Proto Labs shares have traded between $29.59 and $55.90 over the past 52 weeks.