FARO Technologies Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
FARO Technologies Reports Q2 2024 Financial Results
FARO Technologies, Inc. has released its earnings report for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Change (YoY) | Wall Street Consensus (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $82.1M | $88.2M | -6.91% | $83.65M |
| Earnings Per Share (EPS) | -$0.03 | -$1.45 | N/A | $0.01 |
Interpretation:
FARO Technologies reported a decrease in total revenue by 6.91% year-over-year, coming in slightly below Wall Street's consensus estimate of $83.65M. The company, however, significantly narrowed its loss per share from -$1.45 to -$0.03, although it did not meet the consensus EPS estimate of $0.01.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | Change |
|---|---|---|---|
| Product Revenue | $61.3M | $67.6M | -9.3% |
| Service Revenue | $20.8M | $20.6M | +1% |
Interpretation:
The product revenue segment showed a decline of 9.3% year-over-year, primarily impacted by lower sales in the APAC region and forex effects due to a stronger US dollar. Service revenue, on the other hand, saw a modest increase of 1%.
Officer Comments
Peter J. Lau, CEO of FARO Technologies, stated that the company is focused on optimizing its operational efficiencies and enhancing its market offerings through the FARO Sphere XG platform.
Dividends or Share Buyback Program
There were no announcements regarding dividends or share repurchase programs in the report.
Forward Guidance
The company did not provide specific forward guidance in this report.
Stock Price Movement
Following the earnings release, FARO Technologies' stock price saw a post-event increase of 1.69%.
Summary
In summary, FARO Technologies reported a decrease in revenue for Q2 2024 compared to the same period last year but showed significant improvement in reducing net losses. The product segment performed below expectations, mainly due to regional sales dips and forex issues, while service revenue showed slight growth. The company remains committed to enhancing operational efficiencies and market offerings, although it did not provide forward guidance or update on its share buyback program.
For more details, please refer to the full earnings report on FARO Technologies' website.