FARO Technologies Inc. Up 6.62% To $29.00 After Earnings Beat

Thursday, November 3, 2022 - FARO Technologies Inc. (FARO) reported upside earnings and revenues today.

The consensus among analysts for FARO Technologies Inc. was for an earnings per share (EPS) loss of $0.03 per share. The firm was able to surpass those projections, reporting an EPS of $0.03, a positive surprise of $0.06 (200%). Profits rose 400% year-over-year after reporting an EPS loss of $0.01 per share in its year-ago quarter. The positive growth rate signals that the Technology company is performing well amid recent economic conditions.

Revenues were upbeat at $85.3 million. That is an increase of 7.78% in revenues from the year-ago report and is 1.83% higher than consensus estimates set at $83.8 million.

The stock is up 6.62% to $29.00 after the report.

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

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

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

FARO Technologies Inc. has performed a little below average during the past few months. Before the report, FARO Technologies Inc. received a Long-Term Technical Rank by InvestorsObserver of 28, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $25.2 on October 20, 2022 and set a 52-week high on November 8, 2021 at $83.39.

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.