NATICK, Mass., July 12, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) will release earnings for the second quarter of 2024 on Wednesday, July 31, 2024, after market close. About Cognex Access to the conference call, and a replay which will be available following the call, may be found on the Cognex Investor Relations website at https://www.cognex.com/investor. The telephone number for the live call is (877) 704-4573 or (201) 389-0911 if outside the United States. SOURCE Cognex Corporation Cognex Co ...

Core View - Cognex has faced significant challenges due to weak capex cycles across major markets, leading to revenue declines and underperformance compared to the broader industrial sector [1] - The company's valuation remains uncertain, with a potential fair value in the $50s contingent on a strong rebound, low double-digit long-term revenue growth, and margin recovery [1] - Despite near-term risks, automation and machine vision are seen as key enabling technologies with long-term growth potential, particularly in logistics and manufacturing [5][11] Market Performance - Revenue has declined meaningfully, with markets representing two-thirds of revenue down year-over-year in the high teens, driven by a sharp drop in consumer electronics [2] - Auto sector remains weak, with disappointing electric vehicle sales leading to capex cutbacks, while traditional powertrain capex has not seen offsetting increases [2][8] - Logistics sector has also struggled, with warehouse construction starts down 40% in 2023 and continuing to fall in 2024, though specific strategic projects have driven some growth [8] Financial Outlook - Street expectations for Cognex's 2024 EBITDA have dropped by more than 50% over the past two years, reflecting significant operating leverage [4] - Revenue growth is expected to reaccelerate in the second half of the year, with long-term revenue growth projected at around 13% to 14% from 2023 levels [4] - EBITDA margins are expected to recover to the high-20%'s/low-30%'s by 2025/2026, with FCF margins heading toward the high-20%'s over the long term [4] New Market Opportunities - Cognex is focusing on expanding its salesforce and product portfolio, including AI-enabled 3D vision systems, to reach new and under-penetrated customers [11] - The company's Emerging Customer Initiative aims to find new opportunities in manufacturing sub-sectors, leveraging reshoring activity and skilled labor shortages [11] - Long-term opportunities exist in robotics, particularly with the adoption of cobots, which are still in early stages in most industries [11] Sector-Specific Challenges - Consumer electronics remains a tough market with no clear near-term rebound drivers, such as smartphone volumes or OLED TVs [8] - Medical market exposure has slowed, with biopharma companies cutting back on capex, and consumer packaging is digesting post-pandemic capex [8] - Semiconductors present a bright spot, with fab construction in good shape, though this market has historically not exceeded 10% of revenue [8] Valuation - Using margin, return, and growth-driven EV/EBITDA models, a fair value for Cognex is estimated in the high-$40's, including a blended 21x EBITDA on FY'26 EBITDA [12]

Given the surge in labor costs since the pandemic, companies are willing to spend heavily on labor-saving solutions. It's not just warehouses, either. With the reshoring phenomenon and renewed interest in North American manufacturing, a new wave of smart factories will utilize Columbus McKinnon's automation solutions for industrial purposes as well. Procept gained Food and Drug Administration clearance to launch the AquaBeam in 2017. Business has scaled up quickly, with revenues soaring from $6 million in 2 ...

An analyst upgrade highlights the case for investing in this exciting growth company. Machine vision company Cognex (CGNX -0.08%) recently received an analyst rating upgrade from hold to buy from HSBC. In addition, the price target was raised from $40 to $52. There's no doubt Cognex's fortunes are improving (the company returned to revenue growth in its last quarter). But is it enough to follow HSBC's lead and take a bullish opinion on the stock? As the HSBC analyst notes, the semiconductor and logistics ma ...

Cognex Corporation (NASDAQ:CGNX) Q1 2024 Earnings Conference Call May 2, 2024 8:30 AM ET Company Participants Robert Willett - President, Chief Executive Officer Nathan McCurren - Head of Investor Relations Conference Call Participants Damian Karas - UBS Rob Mason - Robert W. Baird Michael - Cowen Jacob Levinson - Melius Research Tommy Moll - Stephens Inc. Andrew Buscaglia - BNP Paribas Piyush Avasthy - Citi Jairam Nathan - Daiwa Capital Markets Operator Greetings. Welcome to the Cognex first quarter 2024 e ...

Cognex Corporation (CGNX) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 37.50%. A quarter ago, it was expected that this company would post earnings of $0.11 per share when it actually produced earnings of $0.11, delivering no surprise.Over the last four quarters, the company has su ...

2 PART I: FINANCIAL INFORMATION ITEM 1: FINANCIAL STATEMENTS COGNEX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------|-------------------------------------------------|-------------------|-------------------------| | Revenue | $ | Three-months Ended \nMarch 31, 2024 \n210,797 | (unaudited) \n $ | April 2, 2023 \n201,124 | | Cost of revenue | | ...

Note: Numbers shown may not foot due to rounding. Cognex Reports First Quarter 2024 Results Table 1 (Dollars in thousands, except per share amounts) • Gross margin was 67.3% for Q1-24 compared to 71.5% for Q1-23 and 68.7% for Q4-23. We recorded $3 million in acquisition charges and amortization of intangible assets in cost of revenue in the quarter, primarily related to the Moritex acquisition. Adjusted gross margin was 68.8% for Q1-24 compared to 71.8% for Q1-23 and 70.7% for Q4-23, in line with our prior ...

NATICK, Mass., May 2, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today announced that the company's Board of Directors declared a quarterly cash dividend of $0.075 per share, payable on May 30, 2024 to all shareholders of record at the close of business on May 16, 2024. About Cognex Cognex Corporation ("the Company" or "Cognex") invents and commercializes technologies that address some of the most critical manufacturing and distribution challenges. We are a leading global provider of machine vis ...

NATICK, Mass., May 2, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), a leading provider of machine vision for factory and warehouse automation, today announced the appointment of Dennis Fehr as Senior Vice President of Finance and Chief Financial Officer, effective May 3, 2024. In this role, Fehr will lead Cognex's global finance and information technology organizations. Fehr brings over 20 years of global experience across manufacturing, technology, and energy industries. Most recently, Fehr was t ...