NASDAQ$FARO
FARO Technologies Inc · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
FARO's financial performance declined due to the COVID-19 pandemic, but strategic initiatives and cost control measures helped to beat non-GAAP operating expense objectives ahead of schedule.
FARO reported a decrease in total sales and new order bookings for Q2 2020 compared to Q2 2019, primarily due to end market demand softness related to the COVID-19 pandemic. Despite the challenges, the company beat its non-GAAP operating expense objective six months earlier than expected.
- Total sales were $60.6 million, compared to $93.5 million in Q2 2019.
- New order bookings decreased to $61.4 million from $106.0 million in Q2 2019.
- Gross margin was 47.7%, down from 54.3% in the same period last year.
- Net loss was $8.9 million, or $0.50 per share, compared to a net loss of $6.4 million, or $0.37 per share, in Q2 2019.
Headline financials
Revenue & EPS history
FARO · Revenue · Quarterly
$60.6M
Revenue by segment
FARO · $60.6M total across 2 segments · Q2 2020
- Product Sales$42.3M—69.8%
- Service Sales$18.3M—30.2%
Forward guidance
FARO anticipates a meaningful increase in growth and profitability in the years ahead, though the timing of recovery is uncertain due to the discretionary capital nature of its markets.
Tailwinds
- Revitalized sales organization has embraced the new reality of a virtual sales model.
- Virtual sales model is expected to continue to enable sales efficiencies when world conditions normalize.
- Actions being taken are expected to drive a meaningful increase in growth and profitability in the years ahead.
- Company beat non-GAAP operating expense objective a full six months earlier than expected.
- Company remained debt-free.
Headwinds
- End market demand softness related to the COVID-19 pandemic.
- Discretionary capital nature of the markets limits visibility towards the timing of a recovery.
- Total sales decreased compared to the same quarter last year.
- New order bookings decreased compared to the same quarter last year.
- Gross margin decreased compared to the same period last year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 6 quarterly earnings reports
+1.8%
Avg return
Earnings day
+19.0%
Avg return
5 days after
+17.2%
Avg return
30 days after
56%
35 / 62 earnings
Positive
+41.4%
Q3 2024
Best reaction
-42.7%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | — | — | — | |
| Q2 2025 | — | — | — | |
| Q1 2025 | +34.7% | +34.5% | +34.9% | |
| Q4 2024 | +17.3% | +17.9% | +4.9% | |
| Q3 2024 | +41.4% | +53.9% | +46.9% | |
| Q2 2024 | +7.1% | +9.3% | +18.1% | |
| Q1 2024 | -2.1% | -2.8% | -0.4% | |
| Q4 2023 | +2.8% | +1.1% | -1.2% | |
| Q3 2023 | +13.5% | — | — | |
| Q2 2023 | +17.0% | — | — | |
| Q1 2023 | -42.7% | — | — | |
| Q4 2022 | +3.1% | — | — | |
| Q3 2022 | +1.7% | — | — | |
| Q2 2022 | +10.3% | — | — | |
| Q1 2022 | -23.0% | — | — | |
| Q4 2021 | -7.1% | — | — | |
| Q3 2021 | -0.1% | — | — | |
| Q2 2021 | +1.3% | — | — | |
| Q1 2021 | -7.8% | — | — | |
| Q4 2020 | +12.9% | — | — | |
| Q3 2020 | -2.7% | — | — | |
| Q2 2020 | -4.2% | — | — | |
| Q1 2020 | +13.0% | — | — | |
| Q4 2019 | +14.0% | — | — | |
| Q3 2019 | +0.4% | — | — | |
| Q2 2019 | -1.1% | — | — | |
| Q1 2019 | -2.2% | — | — | |
| Q4 2018 | -7.2% | — | — | |
| Q3 2018 | -8.7% | — | — | |
| Q2 2018 | +17.2% | — | — | |
| Q1 2018 | -15.8% | — | — | |
| Q4 2017 | +16.2% | — | — | |
| Q3 2017 | +19.2% | — | — | |
| Q2 2017 | -6.2% | — | — | |
| Q1 2017 | -5.8% | — | — | |
| Q4 2016 | -6.5% | — | — | |
| Q3 2016 | -8.9% | — | — | |
| Q2 2016 | -9.5% | — | — | |
| Q1 2016 | +13.4% | — | — | |
| Q4 2015 | +14.5% | — | — | |
| Q3 2015 | -27.9% | — | — | |
| Q2 2015 | +15.3% | — | — | |
| Q1 2015 | -5.6% | — | — | |
| Q4 2014 | +2.2% | — | — | |
| Q3 2014 | +7.2% | — | — | |
| Q2 2014 | +15.0% | — | — | |
| Q1 2014 | -17.3% | — | — | |
| Q4 2013 | +2.1% | — | — | |
| Q3 2013 | +11.8% | — | — | |
| Q2 2013 | -1.5% | — | — | |
| Q1 2013 | -11.7% | — | — | |
| Q4 2012 | +21.3% | — | — | |
| Q3 2012 | -18.0% | — | — | |
| Q2 2012 | -23.7% | — | — | |
| Q1 2012 | +5.1% | — | — | |
| Q4 2011 | +0.6% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q3 2011 | +12.6% | — | — | |
| Q3 2010 | +12.6% | — | — | |
| Q2 2010 | -9.2% | — | — | |
| Q2 2011 | -9.2% | — | — | |
| Q4 2010 | +7.3% | — | — | |
| Q1 2010 | +7.3% | — | — | |
| Q1 2011 | +7.3% | — | — |
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