FARO has announced its financial results for the third quarter and nine months ended September 30, 2018.
Highlights from the first nine months of 2018 results included continued double-digit year-over-year sales growth at 14.3% year-to-date and continued new product drumbeat with 14 new product releases.
“We continued our new product drumbeat by releasing eight new important products since the start of July, highlighted by the introduction of our 6DoF Vantage Laser Tracker platform with 6Probe to expand the reach of large volume measurement,” stated Dr. Simon Raab, President and Chief Executive Officer. “We continued our trend of year-over-year double-digit sales growth for a fifth consecutive quarter and invested in increasing our sales headcount while maintaining our trailing 12 months orders per sales FTE metric from the prior quarter. We added to our vertical footprint with a new Photonics vertical through a combination of acquisitions aimed at being a technology leader in laser steering. We enter our important fourth quarter with the most technically advanced and expansive product portfolio in our history.”
Total sales increased by $36.3 million, or 14.3%, to $290.8 million for the nine months ended September 30, 2018 from $254.5 million for the nine months ended September 30, 2017. The sales increase was primarily driven by strong growth of units sold in construction BIM and emerging verticals segments, higher average selling prices in 3D factory segment, and service revenue growth. New order bookings increased by $36.7 million, or 13.8%, to $303.1 million for the nine months ended September 30, 2018 from $266.4 million for the nine months ended September 30, 2017.
New order bookings increased by $10.0 million, or 11.0%, to $100.5 million for the quarter ended September 30, 2018 from $90.5 million for the quarter ended September 30, 2017. The trailing 12 months new order bookings of $413.7 million were reported.
For more information: www.faro.com