FARO Technologies Inc Q1 Earnings Summary

(RTTNews) - Below are the earnings highlights for FARO Technologies Inc (FARO):

Earnings: $0.906 million in Q1 vs. -$7.267 million in the same period last year. EPS: $0.05 in Q1 vs. -$0.38 in the same period last year. Excluding items, FARO Technologies Inc reported adjusted earnings of $6.419 million or $0.33 per share for the period.

Revenue: $82.863 million in Q1 vs. $84.244 million in the same period last year.

Peter Lau, CEO of FARO Technologies, said: “Q1 was an inflection point for FARO, with increasing traction from refreshed products, coupled with the introduction of new solutions and the signing of two impactful partnerships contributing to 6% year-over-year net orders growth. As a result, we delivered GAAP net income of $0.9 million and $12.5 million of adjusted EBITDA, or 15.0% of revenue, surpassing our forecasts.”

Looking ahead, for the second quarter, the company expects net loss of $0.20 to $0.00 per share, with adjusted income per share of $0.20 to $0.40, on revenue of $79 million to $87 million. FARO was up by 8.83 percent at $28.73 in the pre-market trade on the Nasdaq.