FARO Technologies reported a decrease in total sales and new order bookings for Q1 2020 compared to Q1 2019. The company experienced a net loss, but restructuring plans are on track to achieve targeted savings.
Total sales decreased to $79.5 million from $93.6 million year-over-year due to market softness and COVID-19 uncertainty.
New order bookings declined by 23% to $77.9 million compared to $100.7 million in the prior year.
A net loss of $14.8 million, or $0.84 per share, was recorded, compared to a net income of $0.2 million, or $0.01 per share, in Q1 2019.
Restructuring plan implementation is progressing well, targeting $40 million in annualized savings by year-end.
FARO is optimistic that its new strategy will enable it to emerge as a stronger, more efficient business with a highly scalable financial model when the business environment returns to normalized levels.
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