FARO Technologies (NASDAQ:FARO) Releases Quarterly Earnings Results

FARO Technologies (NASDAQ:FARO) posted its quarterly earnings data 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. FARO Technologies had a negative return on equity of 20.66% and a negative net margin of 15.77%. The company had revenue of $84.24 million for the quarter. During the same quarter 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 1.4 %

Shares of FARO traded down $0.27 during mid-day trading on Thursday, reaching $18.62. The company’s stock had a trading volume of 54,103 shares, compared to its average volume of 208,188. 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 12-month low of $10.30 and a 12-month high of $24.80. The stock has a market cap of $353.22 million, a PE ratio of -6.32 and a beta of 1.38. The company’s 50 day moving average is $20.48 and its 200 day moving average is $19.84.

Analysts Set New Price Targets

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

Insider Buying and Selling

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 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.