Cognex Reports First Quarter 2023 Results

About this update from Cognex Corporation

[{"type":"text","content":" NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for the first quarter of 2023. Table 1 below shows selected financial data for Q1-23 compared with Q1-22.\n\n\n“As expected, in the first quarter our largest e-commerce customers continued to absorb excess capacity and our factory automation customers remained cautious with capital investment,” said Robert J. Willett, CEO of Cognex. “While we slightly exceeded our revenue guidance for the quarter, these demand dynamics led to a significant step down from our record first quarter of 2022.”\n\n\nMr. Willett continued, “This macro uncertainty did not distract us from what is important. We launched new industry-leading products and made important strides to position us for long-term growth.”\n\n\nTable 1\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\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\nNet Income\n\n\n\n\n\n\n \n\n\n\n\nNet Income\n\n\n\n\nper Diluted\nShare\n\n\n\n\n\n\nNon-GAAP\n\n\n\n\nNet Income\n\n\n\n\nper Diluted\nShare*\n\n\n\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 \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nCurrent quarter: Q1-23\n\n\n\n\n\n\n$201,124\n\n\n\n\n\n\n$25,615\n\n\n\n\n\n\n$0.15\n\n\n\n\n\n\n$0.13\n\n\n\n\n\n\n\n\nPrior year’s quarter: Q1-22\n\n\n\n\n\n\n$282,407\n\n\n\n\n\n\n$67,333\n\n\n\n\n\n\n$0.38\n\n\n\n\n\n\n$0.42\n\n\n\n\n\n\n\n\nChange: Q1-23 to Q1-22\n\n\n\n\n\n\n(29)%\n\n\n\n\n\n\n(62)%\n\n\n\n\n\n\n(61)%\n\n\n\n\n\n\n(69)%\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n*Non-GAAP net income per diluted share excludes discrete tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.\n\n\n\n\n\n\n\nDetails of the Quarter\n\n\nStatement of Operations Highlights – First Quarter of 2023\n\n\n\nRevenue decreased by 29% from record first-quarter revenue in Q1-22. The decrease was 26% in constant currency. Revenue declined due to lower capacity expansion projects from a few large e-commerce customers and the impact of broader macroeconomic softness compared to a year ago. In addition, Q1-22 included $20 million of revenue for orders that had been delayed at the end of 2021 due to supply constraints.\n\n\n\n\nGross margin was 71% for Q1-23 compared to 72% for Q1-22. This was below our mid-70% ...

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