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

FARO Technologies (NASDAQ:FARO) released its quarterly 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 during the quarter. FARO Technologies had a negative net margin of 11.92% and a negative return on equity of 16.09%. During the same period last year, the business earned ($1.12) EPS. FARO Technologies updated its Q2 2024 guidance to -0.080-0.120 EPS.

FARO Technologies Trading Down 1.0 %

Shares of NASDAQ:FARO opened at $18.16 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.35 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average of $20.36 and a two-hundred day moving average of $19.86. FARO Technologies has a fifty-two week low of $10.30 and a fifty-two week high of $24.80.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FARO. StockNews.com upgraded shares of FARO Technologies from a “hold” rating to a “buy” rating in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 target price on shares of FARO Technologies in a research note on Friday.

Insider Activity at FARO Technologies

In related news, VP Jeffrey D. Sexton sold 1,500 shares of the company’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 completion of the sale, the vice president now directly owns 27,706 shares of the company’s stock, valued at approximately $555,782.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by company insiders.

FARO Technologies Company Profile

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.