FARO Technologies has announced its financial results for the first six months and second quarter of 2017. The company also announced the successful completion of its 18-month global reorganization and highlighted its 3-year strategic objectives.
New order bookings for the six months ended June 30, 2017 were $175.8 million, an increase of 13.3%, compared with $155.1 million for the six months ended June 30, 2016. Sales increased to $164.2 million, an increase of 6.5%, for the six months ended June 30, 2017 from $154.3 million for the six months ended June 30, 2016. Excluding an unfavorable foreign exchange impact of approximately $2.7 million, sales for the first six months of 2017 would have increased by 8.2% compared with the same prior year period.
The book-to-bill ratio at the end of second quarter 2017 was 1.08 compared to 1.04 at the end of second quarter 2016. The increase in book-to-bill ratio was primarily due to the demand for the newly introduced FARO FocusM 70 laser scanner in both the Construction BIM-CIM and Public Safety Forensics verticals, which temporarily exceeded Faro production capacity late in the second quarter.
“The end of our second quarter marks the successful completion of an extraordinary 18-month process,” stated Simon Raab, Ph.D., FARO’s President and CEO. “Today, there is an exciting energy across the whole company. We are focused on growing the top line of our verticals. Over the first half of 2017, our team delivered 13.3% orders growth overall with over 30% growth in Construction BIM-CIM and 9% in Factory Metrology by effectively executing our strategy to deliver a new product drumbeat and rapidly expand our salesforce.”
“Over the last six quarters, we have used our cash, know-how, and global marketing reach to build a far more agile and efficient platform to support FARO’s long-term growth. We have harmonized literally hundreds of global processes, rapidly expanded our salesforce personnel over last year, built new web-based demonstration studios, activated the verticals, increased R&D, initiated aggressive new product development, and acquired new next-generation technology.”
For more information: www.faro.com