Cognex Reports Fourth Quarter and Full Year 2019 Financial Results

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[{"type":"text","content":" NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for 2019. Table 1 below shows selected financial data for Q4-19 compared with Q4-18 and Q3-19, and the year ended December 31, 2019 compared with the year ended December 31, 2018. Notably, Cognex recorded discrete tax items in Q4-19 that together resulted in a tax benefit of $61 million, or $0.35 per share.\n\n\n\n\nTable 1\n\n\n(Dollars in thousands, except per share amounts)\n\n\n\n\n\n\nRevenue\n\n\n\nNet Income\n\n\n\nNet Income\nper Diluted\nShare\n\n\n\nNon-GAAP \n\n\nNet Income \n\n\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: Q4-19 \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\nPrior year’s quarter: Q4-18\n\n\n\n$193,286\n\n\n\n$45,418\n\n\n\n$0.26\n\n\n\n$0.26\n\n\n\n\n\nChange: Q4-18 to Q4-19\n\n\n\n(12%)\n\n\n\n77%\n\n\n\n77%\n\n\n\n(58%)\n\n\n\n\n\nPrior quarter: Q3-19\n\n\n\n$183,325\n\n\n\n$41,685\n\n\n\n$0.24\n\n\n\n$0.23\n\n\n\n\n\nChange: Q3-19 to Q4-19\n\n\n\n(7%)\n\n\n\n93%\n\n\n\n92%\n\n\n\n(52%)\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, 2019\n\n\n\n$725,625\n\n\n\n$203,865\n\n\n\n$1.16\n\n\n\n$0.78\n\n\n\n\n\nYear ended December 31, 2018\n\n\n\n$806,338\n\n\n\n$219,267\n\n\n\n$1.24\n\n\n\n$1.13\n\n\n\n\n\nChange: 2018 to 2019\n\n\n\n(10%)\n\n\n\n(7%)\n\n\n\n(6%)\n\n\n\n(31%)\n\n\n\n\n\n*Non-GAAP net income per diluted share excludes 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\n“Our fourth-quarter and full-year results reflect the serious challenges we faced in 2019 due to the deterioration of business conditions in the industrial markets that Cognex serves,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “Given the strong long-term potential we see for Cognex, it is frustrating to report a decline in both revenue and profitability.”\n\n\n“Difficult comparisons notwithstanding, we made major progress in 2019,” said Robert J. Willett, Chief Executive Officer of Cognex. “Revenue from specific areas that we have been prioritizing is growing nicely, and the scope of applications our technology can address continues to broaden. There is a lot to be positive about for Cognex and ma...

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