Cognex Reports Strong Results for the Third Quarter of 2020

NATICK, Mass.--()--Cognex Corporation (NASDAQ: CGNX) today reported financial results for the third quarter of 2020. Table 1 below shows selected financial data for Q3-20 compared with Q3-19 and Q2-20, and for the nine months ended September 27, 2020 compared with the same period in 2019.

Cognex reports strong results for the third quarter of 2020  cognex dm370 product tile

 

Table 1

(Dollars in thousands, except per share amounts)

         
 

Revenue

Net
Income/(Loss)

Net
Income/(Loss)
per Diluted
Share

Non-GAAP
Net Income
per Diluted
Share*

Quarterly Comparisons

       

Current quarter: Q3-20

$251,073

$87,506

$0.49

$0.47

Prior year’s quarter: Q3-19

$183,325

$41,685

$0.24

$0.24

Change: Q3-19 to Q3-20

37%

110%

104%

96%

Prior quarter: Q2-20

$169,097

$(1,142)

$(0.01)

$0.18

Change: Q2-20 to Q3-20

48%

N/M

N/M

161%

Year-to-Date Comparisons

       

Nine months ended Sept. 27, 2020

$587,405

$106,841

$0.61

$0.77

Nine months ended Sept. 29, 2019

$555,856

$123,538

$0.71

$0.69

Change from first nine months of 2019 to first nine months of 2020

6%

(14)%

(14)%

12%

*Non-GAAP net income per diluted share excludes restructuring and other charges that occurred predominantly in Q2-20, and tax adjustments for all periods presented. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.

“Our results for Q3-20 were very good and above our expectations,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “We reported the second-highest quarterly revenue, net income and earnings per share from continuing operations in our company’s 39-year history. We were also highly profitable—reporting an operating margin of 38% in Q3-20 compared to 24% a year ago—due to the leverage in our business model.”

“We are proud of the substantial revenue growth and operating margin expansion that we achieved this quarter,” said Robert J. Willett, Chief Executive Officer of Cognex. “They reflect our success in meeting the sudden increase in demand from certain large customers during the quarter. It is very gratifying to see the tangible results of the hard work by the entire Cognex team during these challenging times.”

Details of the Quarter

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