Cognex Reports Strong Results for the Third Quarter of 2020
NATICK, Mass.--(BUSINESS WIRE)--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
Table 1 |
||||
(Dollars in thousands, except per share amounts) |
||||
Revenue |
Net |
Net |
Non-GAAP |
|
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
---
Other exciting bar code news:
- Digimarc Welcomes Alicia Syrett and Riley McCormack to its Board of Directors
- Rufus Labs Releases Rufus Cuff Pro and ScanGlove2
- Socket Mobile Reports Q3 2020 Earnings
- Janam Introduces State-of-the-Art Rugged Gun
- TEKLYNX Print Automation Solution, SENTINEL, Helps Entertainment Earth Create Their Ideal Labeling Environment
- Inovity Acquires ADC Integrated Systems Inc. to Expand Tennessee Presence
- Honeywell’s New Extended Flexrange™ Scan Engine Integrates Easily For Improved Data Capture Performance
- BlueStar Appoints New Managing Director for Europe Operations
- GoDEX Americas Releases New Thermal Printers
- Epson Launches New Low-Cost, High-Volume Bar Code Labeling Solutions