Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $239 million, a decline of 1% year-on-year, with a 7% contribution from Moritex. Excluding Moritex and foreign exchange impacts, revenue declined by 7% [13][14] - Adjusted gross margin was 70.3%, down from 74.3% a year ago, impacted by a 2 percentage point dilution from Moritex and a negative mix effect [14][19] - Adjusted EBITDA margin was 19.9%, down from 28.1% year-on-year, but increased by over 8 percentage points sequentially due to a seasonal revenue increase [15][19] - Diluted earnings per share on a GAAP basis was $0.21, down year-on-year but up 200% sequentially. Adjusted diluted EPS was $0.23, down $0.10 year-on-year and up $0.11 sequentially [16] Business Line Data and Key Metrics Changes - Automotive revenue declined both year-on-year and sequentially, primarily due to delays in EV battery projects and broader automotive business softness, especially in Europe [10][11] - Logistics achieved strong double-digit revenue growth year-on-year, with expectations for continued growth in the second half of the year [11][30] - Consumer electronics revenue was down year-on-year, with expectations for a more heavily weighted Q2 revenue compared to 2023 [11][12] - Semiconductor business showed strong momentum with significant year-on-year growth, driven by investments in high bandwidth memory for AI [12][58] Market Data and Key Metrics Changes - Year-on-year revenue growth was stable across most regions except for China, which experienced a decline for the seventh consecutive quarter [13][14] - The Americas saw slight growth driven by logistics, while Europe and other Asia regions faced slight declines [13][14] - The automotive sector showed significant weakness in both Europe and China, with EV battery projects particularly affected [10][34] Company Strategy and Development Direction - The company is focusing on integrating AI into its products to drive adoption and enhance customer experience [5][7] - The emerging customer initiative aims to broaden the customer base and is expected to generate incremental revenue, although the ramp-up is taking longer than anticipated due to macroeconomic softness [9][24] - The company plans to enhance investor communication and is preparing for an Investor Day in the first half of 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging but stable business environment, with positive momentum in logistics but continued weakness in factory automation [4][21] - There is cautious sentiment among manufacturing customers regarding capital expenditures, particularly in automotive and packaging sectors [10][24] - The company expects revenue for Q3 2024 to be between $225 million and $240 million, reflecting a soft market backdrop [17][18] Other Important Information - The Moritex acquisition is performing well, contributing positively to revenue and integration efforts are on track [45][46] - The company maintains a strong cash position with $555 million in cash and investments and no debt [17] Q&A Session Summary Question: Emerging customer initiative revenue expectations - Management acknowledged that the revenue ramp for the emerging customer initiative is taking longer due to macro softness, with expectations for $50 million in incremental revenue [24][25] Question: Consumer electronics market changes - Management noted increased uncertainty in consumer electronics, with tempered expectations for 2024 due to cautious investment from customers [26][27] Question: Logistics market momentum - Management confirmed strong double-digit growth in logistics, with broad-based positive trends across various customer segments [30][31] Question: Automotive market trends - Management highlighted significant weakness in the automotive sector, particularly in Europe and China, with EV battery projects facing delays [34][35] Question: Semiconductor market growth - Management reported strong growth in the semiconductor sector, driven by high bandwidth memory investments for AI [58][59]

Core Viewpoint - Cognex's stock has experienced a significant drop, presenting a potential buying opportunity despite recent disappointing financial results [1][5][6] Financial Performance - Cognex reported a 1% year-over-year decline in revenue for Q2 [3] - Operating margin decreased to 16.1% from 26.9% in the same quarter last year [3] - Earnings per share fell by 37% year over year [3] Market Challenges - The automotive sector, particularly electric vehicles, is identified as a major growth hurdle due to a global slowdown in auto sales [3] - Demand for factory automation systems has also slowed, impacting revenue [3] - Sales from China were affected by cyclical softness in the consumer electronics market [3] Strategic Acquisitions - Cognex incurred additional costs related to the acquisition of Moritex, an optical components company, for approximately $275 million [4] Future Outlook - The company anticipates Q3 revenue between $225 million and $240 million, indicating potential double-digit growth year-over-year but a sequential decline of 6% [5] - Cognex projects a 15% compound annual growth in revenue over the long term, suggesting strong future potential despite short-term challenges [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2024 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________ to __________ Commission File Number 001-34218 COGNEX CORPORATION | --- | --- | |------------------------------------------------------------------- ...

Cognex Corporation (CGNX) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 15%. A quarter ago, it was expected that this company would post earnings of $0.08 per share when it actually produced earnings of $0.11, delivering a surprise of 37.50%. Over the last four quarters, the compan ...

Exhibit 99.1 Cognex Reports Second Quarter 2024 Results July 31, 2024―NATICK, MA—Cognex Corporation (NASDAQ: CGNX) today reported financial results for the second quarter of 2024. Table 1 below shows selected financial data for Q2-24 compared with Q2-23 and Q1-24. "Cognex delivered second quarter revenue and gross margin in line with expectations and operating expenses favorable to our guidance," said Robert J. Willett, CEO. "Year-on-year revenue growth in the quarter was strong in our Logistics and Semicon ...

NATICK, Mass., July 31, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the second quarter of 2024. Table 1 below shows selected financial data for Q2-24 compared with Q2-23 and Q1-24. "Cognex delivered second quarter revenue and gross margin in line with expectations and operating expenses favorable to our guidance," said Robert J. Willett, CEO. "Year-on-year revenue growth in the quarter was strong in our Logistics and Semiconductor end markets, however revenue ...

NATICK, Mass., July 31, 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 August 29, 2024 to all shareholders of record at the close of business on August 15, 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 mac ...

Cognex Corporation (CGNX) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. Revenues are expected to be $233.6 million, down 3.7% from the year-ago quarter. Please note that a negative Earnings ESP reading is not indi ...

Investors in Cognex Corporation (CGNX) need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 16, 2024 $20.00 Put had some of the highest implied volatility of all equity options today. Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event c ...

Innovative robotics firms can also capitalize on the great growth. The robotics market is forecasted to grow from $39.71 billion in 2023 to $135.68 billion by 2031, representing a CAGR of 16.60% over this time frame. UiPath (PATH) Recently, it was reported that UiPath would lay off one in 10 workers to cut operational costs. According to a company filing, the move is expected to result in $17 to $25 million in restructuring costs over the next seven quarters. Either way, the short-term volatility caused by ...