Cognex Reports Fourth Quarter and Full Year 2023 Results

About this update from Cognex Corporation

[{"type":"text","content":"NATICK, Mass., Feb. 15, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the fourth quarter and full year 2023. Table 1 below shows selected financial data for Q4-23 compared with Q4-22 and Q3-23, and the year ended December 31, 2023 compared with the year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \n\"Our fourth quarter results reflected a challenging, but stable business environment,\" said Robert J. Willett, CEO of Cognex. \"Revenue across most of our end markets was down year-on-year in the quarter, and our largest customers continued a pause in significant capital expenditures.\"\n\"We remain focused on strict cost management, while continuing to invest in our long-term growth prospects. We launched a record number of new products in 2023 and commenced a multi-year investment in our Emerging Customer initiative to expand our customer base. We believe these actions position us well to capitalize on exciting industry trends as growth returns.\"\nTable 1(Dollars in thousands, except per share amounts)\nRevenue\nNet Income\nEarnings\nper Diluted\nShare\nAdjusted Earnings\nper Diluted Share (Non-GAAP)*\nQuarterly Comparisons\nCurrent quarter: Q4-23 \n$196,670\n$11,229\n$0.07\n$0.11\nPrior year's quarter: Q4-22\n$239,433\n$55,311\n$0.32\n$0.28\nChange: Q4-22 to Q4-23\n(18) %\n(80) %\n(80) %\n(61) %\nPrior quarter: Q3-23\n$197,241\n$18,916\n$0.11\n$0.17\nChange: Q3-23 to Q4-23\n0 %\n(41) %\n(40) %\n(33) %\nYearly Comparisons\nYear ended December 31, 2023\n$837,547\n$113,234\n$0.65\n$0.73\nYear ended December 31, 2022\n$1,006,090\n$215,525\n$1.23\n$1.33\nChange from 2022 to 2023\n(17) %\n(47) %\n(47) %\n(45) %\n*\nNon-GAAP adjusted earnings per diluted share excludes loss / recovery from fire, restructuring charges, acquisition and integration charges, amortization of acquisition-related intangible assets and foreign currency loss on forward contract (all net of tax impact), and discrete tax adjustments. A reconciliation from GAAP to Non-GAAP measures is included in the section entitled \"Reconciliation of Selected Items From GAAP to Non-GAAP\".\nSummary of the Year\nAs a result of consistently challenging market conditions in 2023, annual revenue declined by 17% from 2022. The slightly stronger U.S. dollar was a 1% headwind in the year while our acquisition of Moritex, which closed ...

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