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Sep 30, 2024
FARO Q3 2024 Earnings Report
FARO's third quarter results for 2024 were announced, showing revenue at the upper end of guidance and non-GAAP EPS above guidance.
Key Takeaways
FARO Technologies reported Q3 2024 revenue of $82.6 million, with a GAAP net loss of $0.3 million, or $(0.02) per share, and non-GAAP EPS of $0.21. The company achieved a gross margin of 55.7% and non-GAAP gross margin of 56.1%.
Revenue of $82.6 million, at the upper end of guidance range.
Gross margin of 55.7%; Non-GAAP gross margin 56.1%, above guidance range.
Loss per share of $(0.02); Non-GAAP earnings per share (“EPS”) of $0.21, above guidance range.
Share repurchases of $10 million during the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter ending December 31, 2024, FARO expects revenue in the range of $88 to $96 million and Non-GAAP net income per share in the range of $0.32 to $0.52.
Positive Outlook
- Revenue in the range of $88 to $96 million
- Gross margin in the range of 55.6% to 57.1%
- Non-GAAP gross margin in the range of 56.0% to 57.5%
- Operating expenses in the range of $47.4 to $49.4 million
- Non-GAAP operating expenses in the range of $40.5 to $42.5 million
Challenges Ahead
- Net (loss) income per share in the range of ($0.15) to $0.05
- Stock-based compensation impact on gross margin: 0.4%
- Stock-based compensation impact on operating expenses: $3,600 thousands
- Purchase accounting intangible amortization impact on operating expenses: $1,100 thousands
Historical Earnings Impact
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Avg. Return Before/After Earnings
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