X-Rite posts smaller 1Q loss as revenue picks up; shares jump 3 percent

X-Rite posts smaller 1Q loss on industrial uptick

GRAND RAPIDS, Mich. — The color technology company X-Rite Inc. posted a narrower first-quarter loss Wednesday with sales growing in Asia and a new distribution agreement.

X-Rite reproduces colors for a broad set of customers, from retailers to graphic designers.

Orders from industrial customers rose sharply, though that was offset by continued weakness in the retail sector.

Industrial sales grew 56.1 percent globally, driven by a 48.8 percent jump in Asia.

X-Rite signed two new distribution arrangements with WYNIT, Inc. and SYNNEX Corp. as well.

It lost $2.1 million in the three months ended April 3, compared with a loss of $8.7 million last year during the same period. The company releases its per-share results Thursday when it files with the Securities and Exchange Commission.

Revenue climbed 10 percent to $51.2 million and expenses fell 9 percent to $26.1 million.

CEO Thomas J. Vacchiano Jr. said the company expects “sales growth in the high single digits compared to the second quarter of last year.”

Shares of X-Rite Inc. jumped 10 cents, or 3 percent, to $3.45 in morning trading.