Cognex marks record Q4, year
Natick-based machine sensor manufacturer Cognex Inc. continued its upward trend, closing out 2013 with record revenues and profits, the company said today.
Revenue for the fourth quarter, ending Dec. 31, was a record $95.7 million, the company said. That’s an increase of 16 percent over the same period in 2012. Cognex said the improvement was due to growth in the factory automation market, which saw a 28 percent year-over-year increase and set a new quarterly record of $80 million.
Net income for the quarter was $20.4 million, or 23 cents per share, up from $16.2 million, or 19 cents per share, in 2012.
Meanwhile, full-year revenue grew from $324.3 million in 2012 to $353.9 million in 2013. The company marked net income of $73.6 million, compared to $68.1 million last year.
“We are pleased with our strong execution in 2013,” CEO Robert. J. Willett said. “Our efforts really began to deliver in the second half of the year, when factory automation revenue growth was in excess of our 20 percent long-term target, and we reported higher operating margins than in the first half.”
Cognex said its financial position was strong heading out of 2013, with no debt and $450 million in cash and investments. Last year, the company repurchased 1.7 million of its shares for $48 million. It expects to continue repurchasing shares in the coming year.
For the first quarter of 2014, Cognex expects revenue to fall between $88 and $91 million which is 5 to 8 percent below the fourth quarter of 2013 due to a decline in factory automation revenue that the company typically sees between the two quarters.
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