Cognex Reports Record Quarterly Revenue

About this update from Cognex Corporation

[{"type":"text","content":" NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for the third quarter of 2021 which included record quarterly revenue. Table 1 below shows selected financial data for Q3-21 compared with Q3-20 and Q2-21, and for the nine months of 2021 compared with the same period in 2020.\n\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 \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\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: Q3-21\n\n\n\n$284,848\n\n\n\n$78,900\n\n\n\n$0.44\n\n\n\n$0.40\n\n\n\n\n\nPrior year’s 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 Q3-21\n\n\n\n13%\n\n\n\n(10)%\n\n\n\n(10)%\n\n\n\n(15)%\n\n\n\n\n\nPrior quarter: Q2-21\n\n\n\n$269,158\n\n\n\n$77,598\n\n\n\n$0.43\n\n\n\n$0.43\n\n\n\n\n\nChange: Q2-21 to Q3-21\n\n\n\n6%\n\n\n\n2%\n\n\n\n2%\n\n\n\n(7)%\n\n\n\n\n\nYear-to-Date Comparisons\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNine months ended Oct. 3, 2021\n\n\n\n$793,033\n\n\n\n$226,346\n\n\n\n$1.26\n\n\n\n$1.20\n\n\n\n\n\nNine months ended Sept. 27, 2020\n\n\n\n$587,405\n\n\n\n$106,841\n\n\n\n$0.61\n\n\n\n$0.77\n\n\n\n\n\nChange from first nine months of 2020 to first nine months of 2021\n\n\n\n35%\n\n\n\n112%\n\n\n\n107%\n\n\n\n56%\n\n\n\n\n*Non-GAAP net income per diluted share excludes restructuring and other charges that occurred predominantly in Q2-20, and discrete tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.\n\n“We are pleased to report the highest quarterly revenue in our company’s 40-year history, surpassing the prior record set last quarter,” said Robert J. Willett, Chief Executive Officer of Cognex. “We were also highly profitable and reported an operating margin of 31%, which is above our 30% long-term target. And we were able to accomplish these achievements while operating in a very challenging supply environment.”\n\nMr. Willett continued, “In regard to supply, we believe we have been managing global chip shortages relatively well so far. However, the constraints are beginning to hold back revenue growth and ...

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