FARO Technologies Q3 Results Top Estimates

(RTTNews) - FARO Technologies, Inc. (FARO) reported net income for the third quarter of $11.2 million or $0.64 per share, compared to $5.0 million or $0.29 per share for the year-ago quarter.

In the third quarter of 2014, the company recorded a discrete tax benefit of $4.5 million due to the reversal of a valuation allowance originally established against certain net operating losses. Excluding the tax benefit, the latest quarter net income would have been $6.7 million or $0.38 per share.

Sales for the third quarter rose 20.6% to $82.2 million from $68.2 million in the third quarter of last year.

Analysts polled by Thomson Reuters expected the company to earn $0.34 per share on revenue of $79.88 million for the third quarter. Analysts' estimates typically exclude special items.