FARO has announced its financial results for the third quarter ended September 30, 2019.
Total sales were $90.5 million for third quarter 2019, as compared with $99.7 million for third quarter 2018. The decrease was a result of continuing demand softness in the Asian market due primarily to the uncertainty surrounding ongoing trade disputes and the outlook for the industrial manufacturing sector.
Product sales were $63.6 million, down 16% when compared to $75.8 million in the third quarter 2018. Service sales were $26.9 million, up 13% when compared to $23.9 million in the third quarter 2018. New order bookings were $94.8 million for the third quarter 2019, down 6% as compared to $100.5 million for the third quarter 2018.
Total Faro sales are $277,624 million for 2019 through to the end of the third quarter 2019, down 4.5% as compared with $290,783 million for the same period in 2018.
“Having been at FARO for a full quarter now, I believe we can deliver long-term sales and profit growth. FARO’s product roadmap, broad customer base and market position create the foundation for a much more customer focused and scalable sales model. With those goals in mind, we have augmented our management team and made significant progress on our strategic and tactical plans,” stated Michael Burger, President and Chief Executive Officer. “I am not satisfied with our current financial performance, notwithstanding the soft macro environment. However, I am confident we will be successful in the implementation of our plans to enhance shareholder value.”
Loss from operations was $5.9 million for the third quarter 2019, as compared to loss from operations of $2.7 million for the third quarter 2018, driven by the lower demand environment. The Company’s cash and short-term investments decreased modestly to $144.0 million as of the end of the third quarter of 2019, and the Company remained debt-free.
For more information: www.faro.com