Cognex Reports Record First Quarter
Machine sensor maker Cognex of Natick said it set first-quarter records for revenue and net income in the period that ended March 31.
Revenue was up 4 percent, to $80.9 million, while net income grew 9 percent, to $15.6 million, or 35 cents per share, Cognex said.
The company cited growth in the factory automation market for the bulk of its revenue increase, as sales in that segment rose 7 percent, to $63 million.
"We are proud of our performance in the first quarter," CEO Robert J. Willett said. "We reported solid revenue growth year-on-year and were highly profitable while continuing to increase our investments in product development and sales force expansion. More importantly, we introduced innovative new products which we believe will further strengthen our leadership position in the vision market."
Research, development and engineering expenses were up 9 percent over last year's first quarter due to the company's addition of engineering personnel to accelerate the introduction of new products. Spending was also up on outside services for products under development, Cognex said.
At the end of the quarter, the company had no debt and held $413.7 million in cash and investments.
Looking ahead, Cognex said revenue for the second quarter is expected to fall between $83 million and $86 million.
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