Cognex Corp (CGNX) Reports Q3 EPS of $0.63; Issues Solid Q4 Revenue Outlook

Cognex Corp (NASDAQ: CGNX) reported Q3 EPS of $0.63, versus $1.21 reported last year. Revenue for the quarter came in at $147.95 million, versus $107.59 million reported last year.

GUIDANCE:

Cognex Corp sees Q4 2016 revenue of $115-118 million, versus the consensus $111.9 million.

“What an outstanding quarter!” exclaimed Dr. Robert J. Shillman, Chairman of Cognex. “We reported the highest net income and earnings per share from continuing operations for any quarter in our company’s 35-year history. Our substantial profit was due to both the strong revenue and gross margin that we reported for the quarter and a lower effective tax rate.”

“Our third quarter performance was impressive,” said Robert J. Willett, Chief Executive Officer of Cognex. “Revenue grew significantly year-on-year as large opportunities drove growth well above our 20% long-term target for factory automation. Operating margin expanded to 37% compared to 26% in the third quarter a year ago, reflecting the substantial leverage that incremental revenue has on our profitability. And, earnings per share were significantly higher than consensus expectations even when you exclude the $0.07 per share tax benefit from stock option exercises that we recognized during the quarter. We are pleased to see our hard work deliver such great results.”

For earnings history and earnings-related data on Cognex Corp (CGNX) click here.

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