Cognex shares jump even after profits drop
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Cognex makes machine-vision technology such as this hand-held terminal. The company said its momentum will likely slow down after hitting $1 billion in revenue last year.
Shares of Natick machine vision systems and bar code reader manufacturer Cognex Corp. jumped about 15 percent Tuesday after the company said its second-quarter revenue was a 19-percent increase over last year.
The company’s net income for the quarter of $56.2 million was just below last year’s second quarter mark, but a 51-percent increase over the company’s profit reported in Q1.
The $211.3 million in revenue was a significant bump over the first quarter revenue of $169.6 million.
That mark was the second-highest quarterly revenue in the company’s 37-year history, said Founder and Chairman Robert Shillman in a statement.
For the first six months of the year, the company’s revenue of $380.8 million is a 20-percent increase over this time last year. Profits, however, are down 8 percent for the year.
The company expects third quarter revenue to be between $220 million and $230 million, which would be a decline from last year due to last year’s third quarter revenues of $266 million, the company’s highest recorded revenue ever.
The company opened Tuesday trading at $51.18, a jump from the $44.24 at Monday's close.
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