Cognex reports first quarter record earnings
Machine vision technology specialists Cognex reported first quarter results at the start of May that set new records for the company. Revenue, net income, and earnings per share, were all higher than ever before in the first quarter of the year. These incredible results are set to push Cognex, which is having a fantastic year already, even higher. The company’s share price has risen by a staggering 35% so far this year!
Cognex share price: +35%, year-to-date
SOURCE: Yahoo Finance
Year-on-year, the company’s revenue grew by 40%. From the last quarter of 2016, it grew an additional 4%. The outperformers in sales terms were electronics and automotive, with Asia showing growth on “a sequential basis”. Gross margin improved by 1% from the year ago quarter. Earnings per share hit $0.51¢ -- an incredible 200% increase from 1Q2016, and a rise of 19% against 4Q2016.
Robert J. Willett, Cognex’s CEO, said:
“I am delighted with our team’s strong performance in the first quarter. The year started on an outstanding note. We made significant progress expanding our position with large customers in consumer electronics and logistics. And, our outlook for the broad factory automation market continued to improve as the quarter progressed. Our customers appear confident in their business prospects, and we believe they are eager to invest in Cognex machine vision and ID because of the benefits that these products bring to their companies.”
Equally, the company’s chairman, Dr. Robert J. Shillman, said he was “thrilled” with the results.
Dominion holds Cognex in its Global Trends Managed Fund.
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