Cognex reports record third quarter
Machine vision systems, software, and sensor manufacturer Cognex reported third quarter earnings this week, setting a host of new records for the company. Cognex beat analysts’ expectations on earnings and revenue. The company delivered earnings of $1.14 per share against consensus estimates of $1.05, and revenue of $259.74 million against consensus estimates of $255.95 million. This is a huge jump from the year-ago quarter, where earnings were just $0.61 per share, and even more so in regards to revenue, which is up 75.6% since the third quarter of 2016.
Cognex’s share price has appreciated by 95% year to date
SOURCE: Yahoo Finance
The company’s founder and chairman, Dr. Robert J. Shillman, said: “What a spectacular quarter! Cognex reported record-breaking revenue, net income and earnings per share that far exceeded the prior records set just last quarter. And we were extremely profitable, with operating margin expanding to a record 42% driven by significant high-margin revenue growth. I am proud of Cognoids everywhere for delivering such impressive results."
The company’s CEO, Robert J. Willett, also congratulated the company’s employees “Cognoids” while highlighting the value of the company’s specialization on a variety of systems that are central to the on-going trends towards automation:
“Cognex's remarkable performance is due to perseverance. Our ability to capitalize on the widespread adoption of machine vision is the result of many years of hard work by Cognoids around the world. It's gratifying to see our efforts deliver such exceptional results. Our view of the future continues to be positive as more automation processes that include machine vision are needed to perform an increasing array of complex manufacturing tasks. We are investing to take advantage of the substantial potential that we see for our company going forward."
Dominion holds Cognex in its Global Trends Ecommerce Fund.
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