Faro Technologies (FARO) Tops Q1 EPS, Revs

Faro Technologies (NASDAQ: FARO) reported Q1 EPS of ($0.02), $0.37 better than the analyst estimate of ($0.39). Revenue for the quarter came in at $79.5 million versus the consensus estimate of $69.97 million.

"The implementation of our restructuring plan, which we announced in February, has progressed well in the first quarter and we remain on track to achieve our targeted $40 million in annualized savings by the end of the year. While these changes were not made anticipating COVID-19, when combined with our strong balance sheet they have positioned us well for the current environment," stated Michael Burger, President and Chief Executive Officer. "Further, while near-term demand visibility remains challenged due to the global pandemic, to date there has been limited disruption to our manufacturing supply chain and our sales team remains enthusiastic about our new go-to-market strategy. I am optimistic that our new strategy will enable FARO to emerge as a stronger, more efficient business with a highly scalable financial model when the business environment returns to normalized levels."

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

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