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

FARO Technologies (NASDAQ:FARO - Get Free Report) released its earnings results 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 return on equity of 20.66% and a negative net margin of 15.77%. The firm had revenue of $84.24 million for the quarter. During the same period in the previous year, the business posted ($1.12) EPS. FARO Technologies updated its Q2 2024 guidance to -0.080-0.120 EPS.

FARO Technologies Stock Performance

Shares of FARO stock traded down $0.54 during midday trading on Thursday, hitting $18.35. 191,159 shares of the company were exchanged, compared to its average volume of 209,874. FARO Technologies has a 52 week low of $10.30 and a 52 week high of $24.80. The firm has a market capitalization of $348.10 million, a P/E ratio of -6.23 and a beta of 1.38. The firm's 50 day moving average price is $20.48 and its two-hundred day moving average price is $19.84. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.00 and a current ratio of 2.31.

Insider Buying and Selling at FARO Technologies

In other FARO Technologies news, VP Jeffrey D. Sexton sold 1,500 shares of the business's stock in a transaction dated Wednesday, March 13th. The shares were 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 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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Separately, Needham & Company LLC reiterated a "buy" rating and set a $27.00 target price on shares of FARO Technologies in a research note 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.