Press release
Cognex Reports Results for the First Quarter of 2020
NATICK, Mass.--(BUSINESS WIRE)-- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the first quarter of 2020. Table 1 below shows
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 2020. Table 1 below shows selected financial data for Q1-20 compared with Q1-19 and Q4-19.\n\n\n\n\nTable 1\n\n\n(Dollars in thousands, except per share amounts)\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\nper Diluted\nShare\n\n\n\nNon-GAAP\nNet Income\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: Q1-20 \n\n\n\n$167,235\n\n\n\n$20,477\n\n\n\n$0.12\n\n\n\n$0.11\n\n\n\n\n\nPrior year’s quarter: Q1-19\n\n\n\n$173,484\n\n\n\n$33,104\n\n\n\n$0.19\n\n\n\n$0.17\n\n\n\n\n\nChange: Q1-19 to Q1-20\n\n\n\n(4%)\n\n\n\n(38%)\n\n\n\n(37%)\n\n\n\n(35%)\n\n\n\n\n\nPrior 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\nChange: Q4-19 to Q1-20\n\n\n\n(1%)\n\n\n\n(75%)\n\n\n\n(74%)\n\n\n\n0%\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. Notably, Cognex recorded tax adjustments in Q4-19 that together resulted in a discrete tax benefit of $61 million, or $0.35 per share.\n\n\n“Our Q1 results were in line with our guidance, but that is little comfort in these very challenging times,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “The risks to our ongoing success have increased significantly due to the economic impact of the limitations on travel and other restrictive measures mandated by governments around the world in recent weeks. We are fortunate to have an experienced management team, a very strong balance sheet, and a unique corporate culture that will help us navigate through this difficult period and emerge in an even stronger position relative to our competitors, as we have done in prior downturns.”\n\n\n“Companies around the world, including ours, are facing significant disruptions in their businesses,” said Robert J. Willett, Chief Executive Officer of Cognex. “While some customers are accelerating activity, notably companies in China and in e-commerce fulfillment, many others are struggling to implement capital spending plans or are putting those investments on hold. Cognoids are adapting to this new reality and are moving q...