FARO Reports Third Quarter 2019 Financial Results
"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."
Third Quarter 2019 Financial Summary
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...