Cognex Reports Fourth Quarter and Full Year 2022 Results

About this update from Cognex Corporation

[{"type":"text","content":" NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for 2022. Table 1 below shows selected financial data for Q4-22 compared with Q4-21 and Q3-22, and the year ended December 31, 2022 compared with the year ended December 31, 2021.\n\n“Our fourth quarter results were in line with our guidance, but are not representative of our long-term growth expectations,” said Robert J. Willett, CEO of Cognex. “We are navigating through a challenging business environment. A few of our largest e-commerce customers have paused most of their investments. At the end of 2022, we observed slower trends across our broader factory automation business, and we have seen this carry into the beginning of 2023.”\n\n“As we manage through this slow period, we remain focused on the long term. We have important new product launches coming up this year. These products bring powerful, easy-to-use technology which expands the number of customers we can serve. And we are investing in our sales and marketing organization to reach more of these emerging customers.”\n\nTable 1\n(Dollars in thousands, except per share amounts)\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\n\n\nper Diluted\n\n\nShare\n\n\n\nNon-GAAP\n\n\nNet Income\n\n\nper Diluted\n\n\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: Q4-22\n\n\n\n$239,433\n\n\n\n$55,311\n\n\n\n$0.32\n\n\n\n$0.27\n\n\n\n\n\nPrior year’s quarter: Q4-21\n\n\n\n$244,065\n\n\n\n$53,535\n\n\n\n$0.30\n\n\n\n$0.30\n\n\n\n\n\nChange: Q4-21 to Q4-22\n\n\n\n(2)%\n\n\n\n3%\n\n\n\n7%\n\n\n\n(10)%\n\n\n\n\n\nPrior quarter: Q3-22\n\n\n\n$209,622\n\n\n\n$33,980\n\n\n\n$0.19\n\n\n\n$0.21\n\n\n\n\n\nChange: Q3-22 to Q4-22\n\n\n\n14%\n\n\n\n63%\n\n\n\n68%\n\n\n\n29%\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, 2022\n\n\n\n$1,006,090\n\n\n\n$215,525\n\n\n\n$1.23\n\n\n\n$1.31\n\n\n\n\n\nYear ended December 31, 2021\n\n\n\n$1,037,098\n\n\n\n$279,881\n\n\n\n$1.56\n\n\n\n$1.49\n\n\n\n\n\nChange from 2021 to 2022\n\n\n\n(3)%\n\n\n\n(23)%\n\n\n\n(21)%\n\n\n\n(12)%\n\n\n\n\n\n \n\n\n*Non-GAAP net income per diluted share excludes a loss from fire and restructuring charges, both net of tax benefit, and discrete tax adjustments. A r...

More updates from Cognex Corporation