Cognex reports record profits, revenue
Natick-based Cognex Corp. announced record profits and revenues for its second quarter.
The machine vision technology developer reported an adjusted net income of $28.64 million or 32 cents per share in the second quarter of 2014, compared to $18.69 million, or 21 cents per share, last year. Analysts expected the company to report profits of 22 cents per share.
Year-over-year revenue rose from $86.5 million in the second quarter of 2013 to $108.8 million this year. That, too, exceeded analysts’ predictions of $103.3 million.
“Our second-quarter performance was outstanding,” Cognex CEO Robert Willett said in a statement. “The strong upward momentum in our business is driven by past investments we made in our technology and sales teams.”
Cognex enjoyed particularly strong performance in the factory automation and surface inspection market, with European sales rebounding following a lackluster 2013.
Wall Street responded very favorably to the news, with Cognex’s stock price leaping 17 percent from $37.80 at the end of trading Monday – before earnings were announced – to $44.22 Tuesday morning.
Cognex anticipates its third-quarter revenue will fall between $165 million and $170 million, which includes a deal of more than $60 million with a major customer. That’s well above analysts’ predictions of $142 million.
WBJ Web Partners
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