Cognex Reports Second Quarter 2022 Results

About this update from Cognex Corporation

[{"type":"text","content":" NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for the second quarter of 2022. Table 1 below shows selected financial data for Q2-22 compared with Q2-21 and Q1-22, and for the six months of 2022 compared with the same period in 2021. Notably, Cognex recorded a charge of $17.4 million in Q2-22, which reduced earnings for the quarter by $0.09 per diluted share, related to a warehouse fire.\n\n\n \n\n\n\nTable 1\n\n\n\n\n\n(Dollars in thousands, except per share amounts)\n\n\n\n\n\n\n\n\n \n\n\n\n\n Revenue\n\n\n\nNet Income\n\n\n\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: Q2-22\n\n\n\n$274,628\n\n\n\n$58,901\n\n\n\n$0.34\n\n\n\n$0.41\n\n\n\n\n\nPrior year’s 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 Q2-22\n\n\n\n2%\n\n\n\n(24)%\n\n\n\n(21)%\n\n\n\n(5)%\n\n\n\n\n\nPrior quarter: Q1-22\n\n\n\n$282,407\n\n\n\n$67,333\n\n\n\n$0.38\n\n\n\n$0.42\n\n\n\n\n\nChange: Q1-22 to Q2-22\n\n\n\n(3)%\n\n\n\n(13)%\n\n\n\n(11)%\n\n\n\n(2)%\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\nSix months ended July 3, 2022\n\n\n\n$557,035\n\n\n\n$126,234\n\n\n\n$0.72\n\n\n\n$0.83\n\n\n\n\n\nSix months ended July 4, 2021\n\n\n\n$508,185\n\n\n\n$147,446\n\n\n\n$0.82\n\n\n\n$0.79\n\n\n\n\n\nChange from first six months of 2021 to first six months of 2022\n\n\n\n10%\n\n\n\n(14)%\n\n\n\n(12)%\n\n\n\n5%\n\n\n\n\n\n\n*Non-GAAP net income per diluted share excludes a pre-tax loss from a fire of $17.4 million ($0.09 per diluted share) in Q2-22 and discrete tax adjustments in all periods presented. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.\n\n\n\n\n“While we reported revenue for Q2 in the middle of our guidance range, we are experiencing disruption in our business today,” said Robert J. Willett, Chief Executive Officer of Cognex. “A large amount of our component inventory was destroyed in a June fire at our primary contract manufacturer’s site. This was particularly disappointing given all our hard work to put us in a strong supply position prior to the fire. We also observe certain customers scaling back spending on new e-commerce f...

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