Cognex revenue falls short, stock still a buy
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Following a report from Natick-based Cognex Corporation of a year-over-year revenue decline, the company’s stock rose as analysts continue to be bullish about the company’s future prospects.
The company reported a decline of 2 percent in year-over-year income despite an increase in revenue of 6 percent up to $450.5 million. These year-end figures reflect a decline in orders through the latter half of the year, according to Cognex CEO Robert J. Willett.
“Despite that, we remain very positive about the long-term potential for machine vision and continue to invest in technology and sales,” he said.
Willett isn’t the only one who is confident about the company and its future. Robert Burleson of Canaccord Genuity reiterated his buy position on the company, saying that the company’s higher engineering spending would foretell larger deals in the coming quarters.
The market appeared to agree, with Cognex stock up more than 8 percent in trading on Thursday after the late-Wednesday earnings announcement.
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