FARO Technologies announces third-quarter 2010 results

Measurement devices provider FARO Technologies has announced its financial results for the third quarter ended 2 October 2010.

Sales in the quarter increased 26.8 per cent to $45.3m (£28m), from $35.7m in the same period a year ago.

The company reported a net income of $2.3m, or $0.14 per share, compared to a net loss of $0.08 per share in the third quarter of 2009.

New order bookings for the third quarter of 2010 were $46.8m, an increase of $11m, or 30.7 per cent, compared to $35.8m for the same period last year.

Gross margin for the third quarter was 58.3 per cent, compared to 54.9 per cent in 2009, due primarily to an increase in higher margin product sales relative to lower margin service revenue.