FARO Technologies Inc. (NASDAQ:FARO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
FARO Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 30.77% to $0.27 in the quarter versus EPS of $0.39 in the year-earlier quarter.
Revenue: Rose 0.26% to $65.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: FARO Technologies Inc. reported adjusted EPS income of $0.27 per share. By that measure, the company missed the mean analyst estimate of $0.28. It missed the average revenue estimate of $68.05 million.
Quoting Management: “Our results for the quarter reflect continuing sluggish European and Asian markets where order and sales levels remain somewhat weaker than expected. In the Americas, order volume in the quarter was particularly strong, up 25% year-over-year. As expected, competition has intensified in tight markets. Our overarching goals are to remain the industry leader and grow sales and earnings in all market conditions. As such, in the first quarter of 2013 we made additional investments in sales and marketing personnel to aggressively grow product and service revenue, and expanded our research & development teams to accelerate new product development,” stated Jay Freeland, President and Chief Executive Officer.
Key Stats (on next page)…