Cognex Announces Q4 2020 Results

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[{"type":"text","content":"\nCognex Reports Record Fourth Quarter and Full Year Revenue for 2020\n\n NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for 2020. Table 1 below shows selected financial data for Q4-20 compared with Q4-19 and Q3-20, and the year ended December 31, 2020 compared with the year ended December 31, 2019.\n\n\n\nTable 1\n\n\n(Dollars in thousands, except per share amounts)\n\n\n\n\n\n \n\n\n\n \n\n\n \n\n\n \n\n\nRevenue\n\n\n\n \n\n\n \n\n\n \n\n\nNet Income\n\n\n\n \n\n\nNet Income\nper Diluted\nShare\n\n\n\nNon-GAAP\nNet Income\nper Diluted\nShare*\n\n\n\n\n\nQuarterly Comparisons\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nCurrent quarter: Q4-20 \n\n\n\n$223,615\n\n\n\n$69,345\n\n\n\n$0.39\n\n\n\n$0.32\n\n\n\n\n\nPrior year’s quarter: Q4-19\n\n\n\n$169,769\n\n\n\n$80,327\n\n\n\n$0.46\n\n\n\n$0.11\n\n\n\n\n\nChange: Q4-19 to Q4-20\n\n\n\n32%\n\n\n\n(14)%\n\n\n\n(15)%\n\n\n\n191%\n\n\n\n\n\nPrior quarter: Q3-20\n\n\n\n$251,073\n\n\n\n$87,506\n\n\n\n$0.49\n\n\n\n$0.47\n\n\n\n\n\nChange: Q3-20 to Q4-20\n\n\n\n(11)%\n\n\n\n(21)%\n\n\n\n(20)%\n\n\n\n(32)%\n\n\n\n\n\nYearly Comparisons\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nYear ended December 31, 2020\n\n\n\n$811,020\n\n\n\n$176,186\n\n\n\n$1.00\n\n\n\n$1.09\n\n\n\n\n\nYear ended December 31, 2019\n\n\n\n$725,625\n\n\n\n$203,865\n\n\n\n$1.16\n\n\n\n$0.80\n\n\n\n\n\nChange from 2019 to 2020\n\n\n\n12%\n\n\n\n(14)%\n\n\n\n(14)%\n\n\n\n36%\n\n\n\n\n*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.\n\n“It’s hard to call 2020 a ‘good’ year, but we are, nevertheless, pleased with the financial results that we were able to achieve,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “We set a new record for both Q4 and annual revenue despite significant economic disruption and weakness in the automotive industry. Importantly, we remained focused on long-term growth opportunities, which we believe has positioned us well going into 2021.”\n\n“The past year was a turbulent time for most businesses, including Cognex,” said Robert J. Willett, Chief Executive Officer of Cognex. “We are proud of our achievements, and the continued d...

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