Custom manufacturer Protolabs’ customer base is 22 percent larger than it was 12 months ago — and still growing.
That surge of activity helped Protolabs post record first-quarter revenue of $107.7 million, up 34 percent over the same period last year and the first time it topped $100 million in a quarter, the company said Thursday. The Maple Plain-based manufacturer, which specializes in injection molding, milling and 3-D print manufacturing, saw net income rise 48 percent to a record $18.1 million, or 66 cents a share.
Excluding one-time expenses, profits were 71 cents a share, beating analysts average estimates by 3 cents.
“We are excited to start 2018 with the largest quarter in Protolabs’ history,” said CEO Vicki Holt. “This quarter is the first full quarter including the results of the Rapid Manufacturing acquisition, which added sheet metal to our product portfolio and expanded our [computerized] CNC machining capabilities.”
Holt added that the expansion of services has resonated well with old customers and attracted new ones. Protolabs’ customers are often product developers and engineers as well as small and specialty companies needing low-volume products that can be manufactured in a hurry.
The stock price rose more than 4 percent Thursday to $124.35.
The company has been on a tear. During the last two years it bought a factory in Brooklyn Park; added workers to its Plymouth facility; and expanded its offerings in rapid manufacturing, powder 3-D printing, over-molding, metal molding and laser processing.