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 ...

Revenue Performance - Revenue for Q1 2024 totaled $210,797,000, representing a 5% increase from Q1 2023, primarily driven by the acquisition of Moritex Corporation and a strategic logistics project [108]. - Revenue from the Americas increased by 3% year-over-year, while revenue from Europe and Greater China decreased by 13% and 9%, respectively [112][114][115]. - Revenue from other Asian countries surged by 64% year-over-year, driven by the Moritex acquisition and higher sales in the semiconductor and logistics sectors [116]. - The acquisition of Moritex Corporation was completed for an enterprise value of approximately $270 million, contributing just under 8% to total revenue in Q1 2024 [104][110]. Profitability Metrics - Gross margin for Q1 2024 was 67%, down from 71% in Q1 2023, due to a less favorable revenue mix and charges related to the Moritex acquisition [118]. - Operating income decreased to 7% of revenue in Q1 2024, compared to 11% in Q1 2023, resulting in net income of $0.07 per diluted share, down from $0.15 per diluted share in the prior year [108]. - Income before income tax expense was $17,566,000 for the three-month period in 2024, a decrease of $8,649,000, or 33%, compared to $26,215,000 in 2023 [125]. - The effective income tax rate increased to 32% in 2024 from 2% in 2023, driven by a net discrete tax expense of $3,085,000 [127]. Operating Expenses - Total operating expenses for Q1 2024 were $127,733,000, a 5% increase from Q1 2023, with selling, general, and administrative expenses rising by 9% [119]. - Research and development expenses decreased by 4% to $37,105,000, representing 18% of total revenue [119]. - Selling, general, and administrative (SG&A) expenses increased by $7,591,000, or 9%, primarily due to costs associated with the "Emerging Customer" sales initiative and the acquisition of Moritex [122]. - Research, development, and engineering (RD&E) expenses decreased by $1,437,000, or 4%, compared to the same period in 2023, with RD&E expenses as a percentage of revenue at 18% in 2024, down from 19% in 2023 [120][122]. Cash Flow and Investments - The Company had an accumulated cash and investment balance of $556,619,000 as of March 31, 2024, with net cash provided by operating activities totaling $13,643,000 for the three-month period [129][130]. - Net cash used in investing activities totaled $49,023,000, including capital expenditures of $4,061,000 for business systems and manufacturing test equipment [131]. - Net cash used in financing activities totaled $25,088,000, with the Company repurchasing 231,000 shares at a total cost of $9,339,000 during the three-month period [132]. - The Company has inventory purchase commitments of $40,843,000 and lease payment obligations of $116,434,000 as of March 31, 2024 [133]. - Future cash outlays will continue to be significant for the Emerging Customer sales initiative and the remaining balance payable of $33,006,000 related to the Tax Cuts and Jobs Act [133]. Challenges and Outlook - The company continues to face challenges in the factory automation business, particularly in the automotive and consumer electronics sectors [110]. - The Company recorded total non-operating income of $3,362,000 for the three-month period in 2024, a decrease of $692,000, or 17%, compared to the same period in 2023 [123]. - The company declared a cash dividend of $0.075 per share, payable on May 30, 2024 [105].

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 ...

AI provides broader capabilities and enhanced ease of use to accelerate automation projectsNATICK, Mass., April 25, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), a leading provider of machine vision for factory and warehouse automation, today announced that more customers are experiencing increased productivity and efficiency thanks to Cognex machine vision solutions using AI to tackle jobs that until recently could only be done by a human. Cognex customers are seeing increased productivity and ef ...

NATICK, Mass., April 11, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) will release earnings for the first quarter of 2024 on Thursday, May 2, 2024, before the market opens, and will host a conference call that same day at 8:30 a.m. Eastern Daylight Time (EDT). The earnings release and conference call are scheduled to coincide with the company's expected filing of its Form 10-Q for the quarter ended March 31, 2024. The telephone number for the live call is (877) 704-4573 (or (201) 389-0911 if outsi ...