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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cognex Corporation | NASDAQ:CGNX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.07% | 41.51 | 39.40 | 42.35 | 42.13 | 40.7994 | 41.46 | 1,521,554 | 23:00:01 |
Cognex Corporation (NASDAQ:CGNX) today reported financial results for the first quarter of 2021. The company announced new records for first quarter revenue, net income, and net income per diluted share. Table 1 below shows selected financial data for Q1-21 compared with Q1-20 and Q4-20.
Table 1
(Dollars in thousands, except per share amounts)
Revenue
Net Income
Net Income per Diluted Share
Non-GAAP Net Income per Diluted Share*
Quarterly Comparisons
Current quarter: Q1-21
$239,027
$69,848
$0.39
$0.36
Prior year’s quarter: Q1-20
$167,235
$20,477
$0.12
$0.11
Change: Q1-20 to Q1-21
43%
241%
225%
227%
Prior quarter: Q4-20
$223,615
$69,345
$0.39
$0.32
Change: Q4-20 to Q1-21
7%
1%
0%
13%
*Non-GAAP net income per diluted share excludes restructuring and other charges and tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.
“Cognex started 2021 on a strong note,” said Robert J. Willett, Chief Executive Officer of Cognex. “We reported the highest first quarter revenue, net income, and earnings per share in our company’s 40-year history. We were highly profitable—reporting an operating margin of 33% in Q1-21 compared to 13% a year ago—demonstrating the leverage we have in our high-growth, high gross margin business model.”
Mr. Willett continued, “We are pleased with our achievements in the first quarter. Our strong momentum continued in the e-commerce sector of logistics. Business activity has been recovering in other end markets that have struggled over the past year. Most importantly, we introduced several innovative products in the areas of 3D vision, edge intelligence, and handheld barcode reading that we believe will contribute to revenue growth in years to come.”
Details of the Quarter
Statement of Operations Highlights – First Quarter of 2021
Balance Sheet Highlights – April 4, 2021
Financial Outlook – Q2 2021
Non-GAAP Financial Measures
Analyst Conference Call and Simultaneous Webcast
About Cognex Corporation
Cognex Corporation designs, develops, manufactures, and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors, and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.
Cognex is the world's leader in the machine vision industry, having shipped more than 3 million image-based products, representing over $8 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe, and Asia. For details, visit Cognex online at www.cognex.com.
Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words “expects,” “anticipates,” “estimates,” “believes,” “projects,” “intends,” “plans,” “will,” “may,” “shall,” “could,” “should,” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, the expected impact of the COVID-19 pandemic on our assets, business and results of operations, customer order rates and timing of related revenue, future product mix, restructuring and other cost-savings initiatives, research and development activities, new product offerings, capital expenditures, investments, acquisitions, liquidity, dividends and stock repurchases, strategic plans, and estimated tax benefits and expenses and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the impact, duration, and severity of the COVID-19 pandemic; (2) potential disruptions to our business due to restructuring activities; (3) the loss of, or curtailment of purchases by, large customers in the consumer electronics and logistics industries; (4) the reliance on revenue from the automotive industry; (5) the reliance on key suppliers to manufacture and deliver critical components for our products and potential disruptions in the supply chain; (6) the failure to effectively manage product transitions or accurately forecast customer demand; (7) the inability to design and manufacture high-quality products; (8) the inability to attract and retain skilled employees and maintain our unique corporate culture; (9) the failure to effectively manage our growth; (10) the inability to achieve growth in revenue and profits from the logistics industry; (11) the technological obsolescence of current products and the inability to develop new products; (12) the failure to properly manage the distribution of products and services; (13) the impact of competitive pressures; (14) the challenges in integrating and achieving expected results from acquired businesses; (15) potential disruptions in our business systems; (16) information security breaches; (17) the inability to protect our proprietary technology and intellectual property; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) our involvement in time-consuming and costly litigation; (22) unfavorable global economic conditions; (23) economic, political, and other risks associated with international sales and operations; and the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2020 and Form 10-Q for the fiscal quarter ended April 4, 2021. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.
Exhibit 1
COGNEX CORPORATION
Statements of Operations
(Unaudited)
Dollars in thousands, except per share amounts
Three-months Ended
April 4, 2021
December 31, 2020
March 29, 2020
Revenue
$
239,027
$
223,615
$
167,235
Cost of revenue (1)
54,045
55,160
41,200
Gross margin
184,982
168,455
126,035
Percentage of revenue
77
%
75
%
75
%
Research, development, and engineering expenses (1)
34,105
34,399
35,946
Percentage of revenue
14
%
15
%
21
%
Selling, general, and administrative expenses (1)
72,424
74,096
69,138
Percentage of revenue
30
%
33
%
41
%
Restructuring charges
—
875
—
Operating income
78,453
59,085
20,951
Percentage of revenue
33
%
26
%
13
%
Foreign currency gain (loss)
(1,008
)
4,007
(3,003
)
Investment and other income
1,386
1,828
5,046
Income before income tax expense (benefit)
78,831
64,920
22,994
Income tax expense (benefit)
8,983
(4,425
)
2,517
Net income
$
69,848
$
69,345
$
20,477
Percentage of revenue
29
%
31
%
12
%
Net income per weighted-average common and common-equivalent share:
Basic
$
0.40
$
0.40
$
0.12
Diluted
$
0.39
$
0.39
$
0.12
Weighted-average common and common-equivalent shares outstanding:
Basic
176,288
175,220
172,408
Diluted
179,971
178,590
175,602
Cash dividends per common share
$
0.060
$
2.060
$
0.055
Cash and investments per common share
$
4.96
$
4.37
$
4.92
Book value per common share
$
7.68
$
7.18
$
7.73
(1) Amounts include stock-based compensation expense, as follows:
Cost of revenue
$
248
$
324
$
354
Research, development, and engineering
4,003
2,805
5,366
Selling, general, and administrative
7,758
7,456
9,070
Total stock-based compensation expense
$
12,009
$
10,585
$
14,790
Exhibit 2
COGNEX CORPORATION
Reconciliation of Selected Items from GAAP to Non-GAAP
(Unaudited)
Dollars in thousands, except per share amounts
Three-months Ended
April 4, 2021
December 31, 2020
March 29, 2020
Discrete tax adjustments reconciliation
Income before income tax expense (benefit) (GAAP)
$
78,831
$
64,920
$
22,994
Income tax expense (benefit) (GAAP)
$
8,983
$
(4,425
)
$
2,517
Effective tax rate (GAAP)
11
%
(7
)%
11
%
Discrete tax benefit related to stock-based compensation
5,207
2,342
1,680
Discrete tax benefit (expense) related to tax return filings and other
—
11,441
(242
)
Total discrete tax adjustments
$
5,207
$
13,783
$
1,438
Income tax expense (Non-GAAP)
$
14,190
$
9,358
$
3,955
Effective tax rate (Non-GAAP)
18
%
14
%
17
%
Restructuring and other charges and discrete tax adjustments reconciliation
Net income (GAAP)
$
69,848
$
69,345
$
20,477
Excess and obsolete inventory charges
705
522
1,065
Restructuring charges
—
875
—
Tax effect on restructuring and other charges
(127
)
(196
)
(181
)
Discrete tax adjustments
(5,207
)
(13,783
)
(1,438
)
Net income (Non-GAAP)
$
65,219
$
56,763
$
19,923
Percentage of revenue (Non-GAAP)
27
%
25
%
12
%
Net income per diluted weighted-average common and common-equivalent share (GAAP)
$
0.39
$
0.39
$
0.12
Per share impact of non-GAAP adjustments identified above
(0.03
)
(0.07
)
(0.01
)
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP)
$
0.36
$
0.32
$
0.11
Diluted weighted-average common and common-equivalent shares outstanding
179,971
178,590
175,602
Exhibit 3
COGNEX CORPORATION
Balance Sheets
(Unaudited)
Dollars in thousands
April 4, 2021
December 31, 2020
Assets
Cash and investments
$
876,284
$
767,438
Accounts receivable
128,822
125,696
Inventories
61,392
60,830
Property, plant, and equipment
77,081
79,173
Operating lease assets
20,784
22,582
Goodwill and intangible assets
257,664
259,633
Deferred tax assets
429,801
434,704
Other assets
57,128
50,646
Total assets
$
1,908,956
$
1,800,702
Liabilities and Shareholders' Equity
Accounts payable and accrued expenses
$
81,392
$
93,534
Deferred revenue and customer deposits
51,660
21,274
Operating lease liabilities
24,028
26,230
Income taxes
74,538
72,551
Deferred tax liabilities
310,884
314,952
Other liabilities
9,453
9,959
Shareholders' equity
1,357,001
1,262,202
Total liabilities and shareholders' equity
$
1,908,956
$
1,800,702
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006141/en/
Susan Conway Investor Relations +1 508-650-3353 Susan.conway@cognex.com
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