Cognex reports 91% increase in net income
File Photo
Cognex makes machine-vision technology such as this hand-held terminal.
Cognex, a Natick image product manufacturer of machine-vision technology used in factories and shipping centers, reported Monday a record third quarter with net income jumping 91 percent from last year’s Q3.
Net income jumped to $102.3 million last quarter from last year’s $53.6 million. For the first nine months of the year, net income is up 83 percent from $111.5 million to $204 million.
CEO Robert Willett called the large increases the results of years of hard work to capitalize on widespread adoption of its machine-vision technology.
Revenues are also up by 76 percent for the quarter ($147.9 million to $259.7 million) and 45 percent for the first nine months of the year ($391.4 million to $567.6 million).
Fourth-quarter revenue is expected to decline to between $170 million and $180 million due to the timing of larger orders from the consumer electronics industry, but would still represent better than 30 percent year-over-year growth, the company said.
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