Faro Tech Inc Up 11.7% To $14.09 After Earnings Beat

FARO Technologies Inc (FARO) beat out earnings estimates for Q3 2023 this afternoon.

Analyst expectations for Faro Tech Inc earnings per share (EPS) were at a loss of $0.24 per share, with the company surpassing those estimates with a reported EPS of $0.02, leading to a positive surprise of $0.26 per share (108%). Faro Tech Inc's earnings were down 33% year-over-year as the firm reported an EPS of $0.03 in its year-ago quarter. The negative annual growth shows the Technology company isn't performing well amid current economic conditions.

Revenues were upbeat at $86.8 million. That is an increase of 1.74% in revenues from the year-ago report and is 8.16% higher than consensus estimates set at $80.3 million.

The stock is up 11.7% to $14.09 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 36. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Faro Technologies Inc is a global technology company. It designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging, and realization systems. The operating segments of the company are 3D Manufacturing, Construction BIM, and Emerging Verticals.