Cognex numbers soar, but firm sees lower 3rd quarter
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In a performance its chairman called “outstanding,” Cognex of Natick reported a second-quarter revenue jump of 56 percent and a 41-percent increase in profits.
The maker of machine-vision technology such as barcode readers reported revenue of $143.8 million, up from $93.3 million in the second quarter of last year. Meanwhile, net income rose to $43.7 million from $20.5 million.
But the company expects lower quarter-to-quarter and year-over-year revenue in the third quarter based on customer feedback, Cognex said in a statement. “We expect to see fewer large orders in the second half of the year,” said CEO Robert J. Willett, who also cited “slower spending trends” in the Western Hemisphere and expects that to continue. The company is forecasting revenue of between $106 million and $109 million.
Nonetheless, Willett said Cognex is “excited” about its long-term growth prospects. Last month, the company sold its surface inspection systems division to focus all its efforts on discrete manufacturing, where Cognex sees stronger opportunities for long-term growth.
The second-quarter revenue growth came from European and Asian customers, with notable large orders from the consumer electronics industry.
For the first half of its fiscal year, Cognex revenue is up 41 percent over last year, at $245.2 million. Its net income, $64.2 million, is up 44 percent over last year.
Meanwhile, Cognex declared a quarterly cash dividend of seven cents per share. The company also said its board of directors authorized the purchase of up to $100 million in stock. That comes in addition to a current $50 million stock purchase program, of which $6.5 million remains available.
Cognex has a market cap of $2.83 billion, according to Yahoo Finance.
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