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 ...

AI-powered 3D vision system offers fast deployment and reliable inspections for manufacturing automationNATICK, Mass., April 2, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), the leader in industrial machine vision, today released the In-Sight® L38 3D Vision System, which combines AI, 2D, and 3D vision technologies to solve a range of inspection and measurement applications. The system creates unique projection images that combine 3D information into an easy-to-label 2D image for simplified trainin ...

Financial Data and Key Metrics Changes - Revenue declined 18% in Q4 2023, including a $7 million contribution from Moritex, and was down 17% for the full year [16][10] - Adjusted gross margin for Q4 was 70.7%, with a reported gross margin of 68.7%, impacted by acquisition costs and unfavorable mix [19][20] - Adjusted diluted earnings per share was $0.11 in Q4, reflecting a year-on-year decline due to lower revenue and margins [22] Business Line Data and Key Metrics Changes - Significant year-on-year declines were observed in consumer electronics and semiconductor markets, with broader softness across factory automation sectors [17][10] - Automotive sector showed softness in internal combustion but increasing demand from EV battery manufacturers [18] - Logistics remained stable, contributing growth sequentially and flat year-on-year [18] Market Data and Key Metrics Changes - Revenue in the Americas increased sequentially, driven by logistics growth, while revenue in China declined further due to a challenging economic environment [18] - China experienced the steepest year-on-year revenue decline of 29% in Q4 and 28% for the year, primarily affecting consumer electronics [86][90] Company Strategy and Development Direction - The company is focused on capitalizing on trends such as the shift to EVs and advancements in deep learning machine vision technology [14] - The Emerging Customer initiative aims to expand the sales force and is expected to generate over $50 million in incremental revenue in 2024 [32] - The company maintains long-term financial targets of 15% revenue growth, mid-70% gross margin, and over 30% operating margin, evaluated on an adjusted basis [7] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious investment environment with customers delaying orders and increased scrutiny on CapEx [10] - There are signs of stabilization in logistics and EV battery sectors, with expectations for growth in the second half of the year [41][112] - The company anticipates challenges in the first half of 2024 but remains confident in achieving long-term growth targets [42] Other Important Information - The company reported a strong net cash position of $576 million at the end of Q4, with no debt [23] - Paul Todgham, CFO, will be leaving the company on March 15, 2024, with an external search for a successor underway [26] Q&A Session Summary Question: Where are you seeing stabilization in Q1 guidance? - Management indicated stabilization in logistics and some larger markets, with EV battery manufacturing showing growth momentum [48] Question: Clarification on Q1 gross margin guidance? - Expected adjusted gross margin in the high 60% range, with headwinds from Moritex and a strategic logistics project [50][51] Question: Insights on the EV business? - Significant investments are being made in EV battery manufacturing, particularly in Europe and America, despite some market anxieties [62][67] Question: Trends in logistics outlook? - Optimism in logistics is driven by growth among smaller customers and potential automation in larger companies like Walmart and UPS [100][102] Question: Contribution from Moritex and trends in Japan? - Moritex is expected to contribute 6% to 8% of revenue, with signs of stabilization in the semiconductor market in Japan [120][121]

COMPANYWHE 1 © 2024 Cognex Corporation Cognex Q4 2023 Financial Results February 15, 2024 Forward Looking Statements Certain statements made in this report, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "potential," "believ ...

Cognex Corporation (CGNX) came out with quarterly earnings of $0.11 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.16, delivering a surprise of 6.67%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Cognex Corporation, which b ...

Financial Position and Investments - The company had approximately $576 million in cash and investments as of December 31, 2023, with no long-term debt, positioning it well to weather economic downturns[391] - The fair value of the company's portfolio of debt securities amounted to $373,622,000 as of December 31, 2023, with a yield to maturity of 2.3%[521] - 68% of the company's investment portfolio had effective maturity dates of less than three years as of December 31, 2023[521] - The company's investment policy was modified in July 2023 to reduce effective maturities of newly purchased securities to up to five years[521] Risks and Vulnerabilities - The company faces risks from potential business disruptions due to natural disasters, fires, energy shortages, or public health crises, particularly affecting its third-party primary contractor manufacturers in Indonesia and Malaysia[391] - The company is exposed to potential liabilities, increased costs, and reputational harm due to environmental, social, and governance considerations, including climate change and greenhouse gas emissions[391] - The company relies on single or limited sources for certain components and manufacturing, making it vulnerable to supply chain disruptions[391] - The company's operating results could be adversely affected by unfavorable global economic conditions, including high inflation rates and increased interest rates[391] - The company's inability to obtain components at reasonable prices or manage product transitions effectively could negatively impact its operating results[382][397] - The company's failure to comply with data privacy or data protection laws and regulations could result in legal and regulatory proceedings[391]