Faro Technologies (FARO) Misses Q1 EPS by 12c

Faro Technologies (NASDAQ: FARO) reported Q1 EPS of ($0.09), $0.12 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $81.56 million versus the consensus estimate of $77.75 million.

"In early 2016, FARO initiated a broad-reaching strategic reorganization and renewal initiative to return the company to growth company status with double-digit sales growth and operating margin,\" stated Dr. Simon Raab, President and Chief Executive Officer. \"We re-aligned our selling, marketing, and product development teams into five verticals: factory metrology, construction BIM-CIM, product design, public safety forensics, and 3D solutions. We re-organized our research and development activities to create a new product drumbeat delivering next generation, technically superior products in a more frequent cadence to drive a higher gross margin. We continued to aggressively expand our salesforce to accelerate growth in sales opportunities, especially in our emerging verticals with high growth potential, such as public safety forensics and product design and incurred the resulting increase to our selling and marketing expenses. We are reducing our aged demonstration and service inventory with the expected short-term impact on our gross margin. As previously discussed, we expect that by the end of second quarter we will have completed the harmonization of our primary global processes and systems to have a more efficient platform for growth and to reduce our operating costs as a percentage of sales, especially general and administrative costs."

For earnings history and earnings-related data on Faro Technologies (FARO) click here.

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