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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.
FARO
FARO
FARO Revenue by Segment
FARO Revenue by Geographic Location
Revenue by Segment
Service Sales Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com 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
- Restructuring and other costs impact on operating expenses: $2,200 thousands