Noble Financial Downgrades Faro Technologies (FARO) to Sell
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Go back to Noble Financial Downgrades Faro Technologies (FARO) to Sell
April 20, 2015 7:31 AM EDT
Needham & Company downgraded Faro Technologies (NASDAQ: FARO) from Buy to Hold following Friday's preannouncement of a large Q1 miss.
Analyst James Ricchiuti commented commented, "FARO issued an ugly preannouncement after the close Friday. While mgmt had not given guidance for Q1, FARO said Q1 revenues would be... More
April 17, 2015 4:09 PM EDT
FARO Technologies, Inc. (NASDAQ: FARO) today announced preliminary, unaudited sales for its first quarter of 2015. The Company expects to report quarterly sales of approximately $70 million for the first quarter ended March 28, 2015, a decrease of approximately 5% from the same quarter last fiscal year.
(Street sees Q1 revenue of $85.43 million)
This decrease is principally due to the following negative effects, which were partially offset by strong units sold growth in the Europe/Africa region of Laser Tracker and Laser Scanner:
negative foreign exchange impact of approximately $7 million...
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