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

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

FARO Technologies Stock Down 1.2 %

Shares of FARO traded down $0.23 during mid-day trading on Thursday, hitting $18.66. 56,872 shares of the company’s stock were exchanged, compared to its average volume of 208,245. The company has a market cap of $353.98 million, a price-to-earnings ratio of -6.23 and a beta of 1.38. FARO Technologies has a fifty-two week low of $10.30 and a fifty-two week high of $24.80. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.00 and a current ratio of 2.31. The stock’s 50-day moving average is $20.48 and its 200-day moving average is $19.84.

Insider Activity at FARO Technologies

In other FARO Technologies news, VP Jeffrey D. Sexton sold 1,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.06, for a total value of $30,090.00. Following the transaction, the vice president now directly owns 27,706 shares in the company, valued at $555,782.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.