Cognex Reports Second Quarter 2023 Results

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[{"type":"text","content":" NATICK, Mass.--(BUSINESS WIRE)--\nCognex Corporation (NASDAQ: CGNX) today reported financial results for the second quarter of 2023. Table 1 below shows selected financial data for Q2-23 compared with Q2-22, and for the first six months of 2023 compared with the same period in 2022.\n\n\n“We delivered second quarter revenue at the top end of our expected range, gross margin in line with our guidance, and favorable operating expenses leading to a strong sequential step-up in operating margin,” said Robert J. Willett, CEO of Cognex. “However, these results are not representative of the business conditions we are experiencing in our markets, which continue to weaken further.”\n\n\nMr. Willett continued, “While we are managing through a challenging operating environment, we remain confident in our strategy, and we continue to invest in long-term growth opportunities.”\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\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\nNet Income\n\n\n\n\n\n\n \n\n\n\n\nNet Income\n\n\n\n\nper Diluted\n\n\n\n\nShare\n\n\n\n\n\n\nNon-GAAP\n\n\n\n\nNet Income\n\n\n\n\nper Diluted\n\n\n\n\nShare*\n\n\n\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 \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nCurrent quarter: Q2-23\n\n\n\n\n\n\n$242,512\n\n\n\n\n\n\n$57,474\n\n\n\n\n\n\n$0.33\n\n\n\n\n\n\n$0.32\n\n\n\n\n\n\n\n\nPrior year’s quarter: Q2-22\n\n\n\n\n\n\n$274,628\n\n\n\n\n\n\n$58,901\n\n\n\n\n\n\n$0.34\n\n\n\n\n\n\n$0.41\n\n\n\n\n\n\n\n\nChange: Q2-23 to Q2-22\n\n\n\n\n\n\n(12)%\n\n\n\n\n\n\n(2)%\n\n\n\n\n\n\n(3)%\n\n\n\n\n\n\n(22)%\n\n\n\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 \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nSix months ended July 2, 2023\n\n\n\n\n\n\n$443,636\n\n\n\n\n\n\n$83,089\n\n\n\n\n\n\n$0.48\n\n\n\n\n\n\n$0.45\n\n\n\n\n\n\n\n\nSix months ended July 3, 2022\n\n\n\n\n\n\n$557,035\n\n\n\n\n\n\n$126,234\n\n\n\n\n\n\n$0.72\n\n\n\n\n\n\n$0.83\n\n\n\n\n\n\n\n\nChange from first six months of 2023 to first six months of 2022\n\n\n\n\n\n\n(20)%\n\n\n\n\n\n\n(34)%\n\n\n\n\n\n\n(33)%\n\n\n\n\n\n\n(46)%\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n* Non-GAAP net income per diluted share excludes discrete tax items in all periods presented, a fire loss in Q2-22 and proceeds from business interruption insura...

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