Cognex Corp

Latest Results (24.12.2024):

Revenue Growth

Cognex Corp reported a revenue of $211 million for the first quarter of 2024, marking a 5% increase compared to the same quarter in 2023. This growth was primarily driven by improvements in the Logistics and Semiconductor sectors, despite a decline in the factory automation business. Sequentially, revenue rose by 7% from the fourth quarter of 2023.

Operating Income

For Q1 2024, Cognex Corp's operating income was $14 million, which represents a 36% decrease from the $22 million reported in Q1 2023. However, there was a 12% increase from the previous quarter, Q4 2023. The operating income as a percentage of revenue stood at 6.7% for the quarter.

Net Income and Earnings Per Share

Cognex Corp's net income for the first quarter of 2024 was $12 million, a significant decline of 53% from the $25.6 million reported in Q1 2023. The net income per diluted share was $0.07, consistent with the previous quarter but down from $0.15 in the same quarter last year.

Cash Position and Shareholder Returns

As of March 31, 2024, Cognex Corp maintained a strong financial position with $557 million in cash and investments and no debt. During the quarter, the company generated $14 million in cash from operations, repurchased $9 million worth of its common stock, and paid $13 million in dividends to shareholders.

Financial Outlook for Q2 2024

Looking ahead to the second quarter of 2024, Cognex Corp expects revenue to range between $230 million and $245 million, reflecting a sequential increase due to typical seasonality in consumer electronics. The company anticipates an adjusted gross margin slightly above 70% and plans to continue investing in its Emerging Customer initiative.