Cognex Posts Record Revenue In Q2
Natick-based Cognex Corp. announced record quarterly revenue of $86.5 million for its second quarter, a 3-percent increase over the same period last year.
However, net income for the period, which ended June 30, was down 15 percent, to $16.8 million, or 38 cents per share for the developer of machine vision technology, such as barcode readers and machine vision sensors.
The revenue growth came from the factory automation market, Cognex said, which saw a jump of 9 percent. That partially offset lower revenue from the semiconductor, electronics capital equipment and surface vision markets, the company said.
CEO Robert J. Willett said Cognex performed well in the quarter with increasing orders for identification products, such as barcode readers, and expansion into China, two areas of strategic focus.
“More importantly, the rate of growth appears to be accelerating, which we believe is an indication that our investments in new products and our sales channel are paying off,” he said. “Profitability was lower year-(over)-year because of these investments, but we expect to see margins expand in the second half of 2013.”
For the first six months of the year, revenue was also up 3 percent to $167.4 million, while net income was down 5 percent, to $32.4 million, or 78 cents per share.
Willett said he expects revenue for the third quarter to increase between 2 and 5 percent, to between $88 million and $91 million, despite the typical seasonal slowdown the factory automation market experiences during the summer.
“The growth is expected as a result of large orders received late in (the second quarter) that are scheduled for (third-quarter) deliver, including significant orders for our ID products to be used in the distribution facilities of a major retailer,” he said.
Cognex also announced a two-for-one stock split, to be issued in the form of a dividend. The additional shares will be distributed Sept. 16 to shareholders of record as of Aug. 26.
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