Wednesday, FARO Technologies, Inc. (FARO), a three dimensional measurement systems maker, reported a swing to loss in the first quarter, as product sales dipped across all verticals due to the weak economic environment.
The Lake Mary, Florida-based company reported a first-quarter net loss of $6.6 million or $0.41 per share, compared to a net income of $3.4 million or $0.20 per share a year ago. On average, three analysts polled by Thomson Reuters estimated a loss of $0.24 per share for the quarter.
The company took a charge of $1.7 million related to severance costs following a 21% reduction in workforce.
Revenue for the first quarter decreased 31.8% to $31.4 million from $46.1 million in the year-earlier quarter.
Gross margin for quarter dropped to 51.7% from 60.1% in the same period last year, primarily due to a change in the sales mix between higher margin product sales and lower margin service revenue.
Operating loss for the quarter was $7.6 million, compared to an operating profit of $3.9 million in the first quarter of 2008.
New order bookings during the first quarter decreased 41.7% to $27.4 million from $47 million in the comparable quarter last year.
FARO closed Wednesday's regular trading at $16.03, up $0.79 or 5.18%, on a volume of 0.23 million shares on the Nasdaq. In after hours, the stock was down $2.23 or 13.91%, at $13.80.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.