Faro Technologies, Inc. (FARO) Misses Q3 EPS by 24c, CEO to Step Down

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Go back to Faro Technologies, Inc. (FARO) Misses Q3 EPS by 24c, CEO to Step Down

FARO Announces Planned Succession of Jay Freeland Following 11 Years of Service

November 3, 2015 4:10 PM EST

LAKE MARY, Fla., Nov. 3, 2015 /PRNewswire/ -- FARO Technologies, Inc. (NASDAQ: FARO) today announced that Jay Freeland plans to step down as President and Chief Executive Officer and member of the Board of Directors.  Mr. Freeland will remain in his current role as President and CEO and as a member of the Board of Directors until a successor is appointed.  Mr. Freeland has successfully served in that role for approximately 11 years and he is leaving to pursue other business and personal... More

FARO Reports Third Quarter 2015 Financial Results

November 3, 2015 4:02 PM EST

LAKE MARY, Fla., Nov. 3, 2015 /PRNewswire/ -- FARO Technologies, Inc. (NASDAQ: FARO) today announced its financial results for the third quarter ended September 26, 2015.

The Company's third quarter 2015 sales at $72.5 million decreased 11.8% from $82.2 million in the third quarter of 2014.  Adjusted for $6.4 million of unfavorable foreign exchange impacts, sales were 4% lower than the prior year period. 

Gross margin for the quarter was 48.1%, compared with 56.0% in the prior year period.  Based upon the planned timing of new product introductions and in light of lower-than-anticipated 2015... More