Faro Technologies (FARO) Misses Q4 EPS by 11c, Revenues Miss
Faro Technologies (NASDAQ: FARO) reported Q4 EPS of $0.33, $0.11 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $112.84 million versus the consensus estimate of $118.59 million.
"In 2018, we achieved $425 million in new order bookings, up 12.8 percent year-over-year, and crossed the $400 million milestone in annual sales for the first time in the Company's history," stated Dr. Simon Raab, President and Chief Executive Officer. "We executed on our strategic sales growth initiative to increase our sales headcount by mid-teens for a second consecutive year. We continued our new product drumbeat with 14 new product releases. We accelerated our M&A pace with four acquisitions plus our first strategic investment and, in the process, created a new Photonics vertical. Our new product drumbeat and acquisitions expanded our product portfolio to the most technologically advanced and expansive in our history. Our platform for growth is stronger than ever."
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