Cognex stock up on better-than-expected quarterly financials
Cognex Chairman Robert Shillman said, “our financial results for 2012 were quite good.”
- Don Seiffert[1]
- Associate Editor MHT- Boston Business Journal
- This email address is being protected from spambots. You need JavaScript enabled to view it.[2]
Natick-based Cognex Corp.[3] (Nasdaq: CGNX) reported net income in the last three months of 2012 that was down from the previous three months as well as the same time last year, but beating Wall Street estimates. The producer of machine vision technology systems, vision software, vision sensors and surface inspection systems used in manufacturing automation, saw its stock open up 3 percent Tuesday to $42.77 in the first as of 9:45 a.m. Tuesday.
In a statement after the close of the markets Monday, Cognex reported what it called “record” revenue of $324 million for the entire year, up 3 percent over 2011. But its fourth quarter revenue of $82 million was down 2 percent from the same period in 2011, and down 3 percent from the third quarter. The company blamed the year-on-year decrease on what it called “lower surface inspection revenue compared to the record level realized in Q4 2011” as well as unfavorable currency exchange rates. The company said that revenue from surface inspection and factory automation increased from the third quarter, but overall revenue suffered from a decline in the semiconductor and electronics capital equipment market.
For the fourth quarter, the company’s net income decreased year-over-year to $16.2 million, or 37 cents a share, representing a 15 percent decrease from the same period on 2011, and a 9 percent decrease from the third quarter. It said research and development costs increased as it invested in engineering personnel to accelerate the introduction of new products, and spent more on an expansion of its sales force, primarily in China, which was more than offset by a lower bonus accrual, lower stock option expense, the timing of professional fees and the impact of currency exchange rates on the company’s international operations.
References
- ^ Don Seiffert (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Cognex Corp. (www.bizjournals.com)