- With shares trading far below their early-2015 highs going into earnings, FARO Technologies (NASDAQ:FARO +14.1%) has taken off after beating Q4 estimates (strongly on EPS).
- The 3D measurement/scanning hardware firm's recent job cuts boosted Q4 EPS: GAAP operating expenses fell by $2.4M Y/Y to $41.9M. Also helping: $22.8M was spent to buy back 809K shares. A 12% Y/Y revenue drop led gross margin to fall 170 bps Y/Y to 53.3%.
- On the earnings call (transcript), chairman/interim CEO Simon Raab declared FARO will "focus on six verticals and will restructure the organization all the way from product development to sales to ensure that those verticals are effectively served." The verticals: Metrology, factory automation, product design, BIM-CIM, public safety, and 3D consulting & solution development.
- As part of the effort, Joe Arezone, previously FARO's European/Asian sales chief, has been promoted to the newly-created role of chief commercial officer.
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FARO's Q4 results, earnings release