Press release
Cognex Reports Second Quarter 2024 Results
NATICK, Mass., July 31, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the second quarter of 2024. Table 1 below
About this update from Cognex Corporation
[{"type":"text","content":"NATICK, Mass., July 31, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the second quarter of 2024. Table 1 below shows selected financial data for Q2-24 compared with Q2-23 and Q1-24.\n\n \n \n \n \n \n \n\n \n\"Cognex delivered second quarter revenue and gross margin in line with expectations and operating expenses favorable to our guidance,\" said Robert J. Willett, CEO. \"Year-on-year revenue growth in the quarter was strong in our Logistics and Semiconductor end markets, however revenue across the rest of our factory automation business continues to be soft.\"\n\"Amidst this challenging operating environment, we remain focused on creating long-term value through AI-driven product innovation and our Emerging Customer initiative, as well as on key financial priorities including cost management and capital efficiency.\"\nTable 1\n(Dollars in millions, except per share amounts)\nCurrentQuarter\nQ2-24\nPrior YearQuarterQ2-23\nY/YChange\nPrior\nQuarter\nQ1-24\nQ/Q\nChange\nRevenue\n$239\n$243\n(1 %)\n$211\n+14 %\nOperating Income\n$38\n$65\n(41 %)\n$14\n+171 %\n% of Revenue\n16.1 %\n26.9 %\n(1,080 bps)\n6.7 %\n+933 bps\nAdjusted EBITDA*\n$48\n$68\n(30 %)\n$25\n+89 %\n% of Revenue\n19.9 %\n28.1 %\n(826 bps)\n11.9 %\n+794 bps\nNet Income per Diluted Share\n$0.21\n$0.33\n(37 %)\n$0.07\n+201 %\nAdjusted EPS (Diluted)*\n$0.23\n$0.33\n(31 %)\n$0.11\n+100 %\nNote: Numbers shown may not foot due to rounding.\n*Adjusted EBITDA and Adjusted EPS (Diluted) exclude Non-GAAP adjustments. A reconciliation from GAAP to Non-GAAP metrics is provided in this news release.\nDetails of the Quarter\nStatement of Operations Highlights – Second Quarter of 2024\nRevenue declined by 1% from Q2-23. Excluding the 7% contribution of Moritex and 1% negative impact of FX, revenue declined by 7%. The year-on-year decline in revenue was driven primarily by continued softness across our factory automation business, partially offset by growth in our Logistics and Semiconductor businesses. Sequentially, revenue increased by 14% from Q1-24, or 15% excluding a 1% negative impact of FX, primarily due to the seasonality of Consumer Electronics revenue.Gross margin was 69.6% for Q2-24 compared to 74.1% for Q2-23 and 67.3% for Q1-24. We recorded $2 million in amortization of intangible assets and other acquisition charges in co...