Faro Technologies (NASDAQ: FARO) reported Q4 EPS of $0.18, $0.18 better than the analyst estimate of $0.00. Revenue for the quarter came in at $104.1 million versus the consensus estimate of $98.8 million.

"In the fourth quarter, we completed our strategic planning process and have identified opportunities to leverage FARO\'s strong market position that we expect will drive long-term profit growth," stated Michael Burger, President and Chief Executive Officer. "We believe these strategic initiatives will enable long-term revenue growth from our targeted markets while also simplifying and reducing our cost structure by an estimated $40 million, on an annualized basis, in the fourth quarter of 2020. While the near-term overall market for our products remains soft, due in large part to conditions in the automotive and broader Asian markets, we are excited about our plans to transform FARO\'s business and generate long-term shareholder value."

For earnings history and earnings-related data on Faro Technologies (FARO) click here.