Cognex turns in record quarter
Machine sensor manufacturer Cognex Corp. of Natick reported its best quarter in its 33-year history, notching records in revenue, net income and earnings per share, thanks a more-than-double revenue gain from the factory automation market, the company reported Monday.
Cognex said revenue for its third quarter, which ended Sept. 28, totaled $169.4 million, a jump of nearly 87 percent from the $90.8 million in the same quarter of 2013. Net income of $50.4 million, was up more than double. (Earnings per share grew to 57 cents from 23 cents.)
Cognex also cited “significant” revenue from the company’s largest customer.
“We are proud of our outstanding performance in the third quarter,” CEO Robert J. Willett said in a statement. “During the quarter we once again saw the benefit of our engineering investments with the introduction of a number of exciting new products. We expect that our continued investment in innovation will fuel future profitable growth.”
Cognex said it expects fourth-quarter revenue to jump 16 to 19 percent, to within a range of $111 million to $114 million. In the fourth quarter of 2013, the company reported a record $95.7 million in revenue, up 16 percent from the same quarter in 2012.
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