Cognex sees record quarterly revenue in Q2
Machine vision specialist Cognex reported earnings for the second quarter of 2017 at the beginning of this week. And investors were in for a positive surprise: the company set a new record for quarterly revenue in the three months ending July 2. Cognex also logged a slight beat on earnings, and raised its financial outlook considerably. Unsurprisingly, this sent the company’s share price – which has already been rising steadily throughout the year – even higher.
Cognex’s share price has risen by more than 65% so far this year
SOURCE: Yahoo Finance
Year over year, the company’s revenue grew by 17%, and from the first quarter of this year, revenue rose by an impressive 28%. The resultant is the highest quarterly revenue that the company has ever reported. A big part of this win was down to the consumer electronics and logistics industries, which are also (in part) responsible for Cognex’s decision to raise its outlook. The company also hit personal best’s on net income and earnings per share, and gross margin increased to 78% from 76% in the previous year’s comparable quarter.
Cognex Q2 by the numbers
SOURCE: Cognex Corporation
Perhaps the biggest surprise for investors, though, was the company’s resultant increase in guidance for the coming quarter. The company is now expecting revenue for the third quarter to be in the range of $250 million and $260 million. According to the company, this is being pushed by strong demand for its products in the consumer electronics market.
Summing up the quarter, Dr. Robert J. Shillman, Cognex’s founder and chairman, said:
“What a great quarter! The highest quarterly revenue in Cognex’s 36-year history came from growth across the broad factory automation market. Equally important is that we also set a new, and ridiculously high, level of profit.”
Robert J. Willett, the company’s chief executive officer, added: “Activity at Cognex is at a higher level now than ever before. We are seeing strong demand across a broad range of geographies and markets. It is very gratifying to see that our investments in engineering and sales continue to pay off.”
Dominion holds Cognex Corporation in its Global Trends Ecommerce Fund.
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