FARO Technologies (NASDAQ:FARO) Announces Quarterly Earnings Results, Misses Estimates By $0.11 EPS

FARO Technologies (NASDAQ:FARO) announced its earnings results on Wednesday. The scientific and technical instruments company reported ($0.38) earnings per share for the quarter, missing the consensus estimate 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 for 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 1.3 %

FARO Technologies stock traded down $0.25 during mid-day trading on Thursday, hitting $18.64. The company’s stock had a trading volume of 64,930 shares, compared to its average volume of 208,321. The firm’s 50 day moving average is $20.48 and its 200 day moving average is $19.84. The company has a market cap of $353.60 million, a PE ratio of -6.23 and a beta of 1.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.31 and a quick ratio of 2.00. FARO Technologies has a 52-week low of $10.30 and a 52-week high of $24.80.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, VP Jeffrey D. Sexton sold 1,500 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.06, for a total value 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.00% of the company’s stock.

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.