FARO Technologies (NASDAQ:FARO) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

FARO Technologies (NASDAQ:FARO) posted its earnings results on Wednesday. The scientific and technical instruments company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.11), Zacks reports. The company had revenue of $84.24 million for the quarter. FARO Technologies had a negative return on equity of 20.66% and a negative net margin of 15.77%. During the same quarter in the previous year, the firm posted ($1.12) earnings per share. FARO Technologies updated its Q2 2024 guidance to -0.080-0.120 EPS.

FARO Technologies Trading Down 1.4 %

FARO traded down $0.27 during trading on Thursday, reaching $18.62. 54,103 shares of the stock traded hands, compared to its average volume of 208,188. The stock’s 50-day moving average is $20.48 and its 200 day moving average is $19.84. FARO Technologies has a 12 month low of $10.30 and a 12 month high of $24.80. The company has a quick ratio of 2.00, a current ratio of 2.31 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $353.22 million, a PE ratio of -6.32 and a beta of 1.38.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC restated a “buy” rating and issued a $27.00 price objective on shares of FARO Technologies in a report on Thursday, February 29th.

Insider Activity

In related news, VP Jeffrey D. Sexton sold 1,500 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $20.06, for a total transaction of $30,090.00. Following the transaction, the vice president now owns 27,706 shares in the company, valued at approximately $555,782.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measurement tool, a computer, and CAM2 software programs; FARO Laser Projector, which provides a virtual template that operators and assemblers can use to position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.