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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.41 | 3.17% | 45.90 | 43.25 | 46.84 | 46.20 | 44.525 | 44.72 | 1,955,104 | 23:07:41 |
Cognex Corporation (NASDAQ: CGNX) today announced financial results for the third quarter of 2018. Table 1 below shows selected financial data for Q3-18 compared with Q3-17 and Q2-18, and the first nine months of 2018 compared with the first nine months of 2017. All periods presented reflect the two-for-one stock split that occurred in Q4-17.
Table 1*
(Dollars in thousands, except per share amounts)
Revenue
Net Income
Net Income per DilutedShare
Non-GAAP Net Incomeper DilutedShare**
Quarterly Comparisons
Current quarter : Q3-18 $232,221 $80,436 $0.45 $0.39 Prior year’s quarter: Q3-17 $266,042 $102,493 $0.57 $0.51 Change: Q3-17 to Q3-18 (13%) (22%) (21%) (24%) Prior quarter: Q2-18$211,264
$56,196 $0.32 $0.31 Change: Q2-18 to Q3-18 10% 43% 41% 26%Year-to-Date Comparisons
Nine months ended Sep. 30, 2018 $613,052 $173,849 $0.98 $0.88 Nine months ended Oct. 1, 2017 $583,161 $204,459 $1.14 $0.98 Change from first nine months of 2017 to first nine months of 2018 5% (15%) (14%) (10%)* The financial results for all periods presented reflect the retroactive adoption of a new revenue recognition standard (ASC 606, “Revenue from Contracts with Customers”) that became effective on January 1, 2018. This standard did not have a material impact on total revenue. For a historical perspective, Exhibit 4 of this news release includes the company’s quarterly Statement of Operations for 2017 adjusted for the impact of the new standard.**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.
“Our results for Q3-18 were very good,” said Dr. Robert J. Shillman, Chairman of Cognex. “We reported the second-best quarterly revenue, net income and earnings per share from continuing operations in our company’s 37-year history. These results were surpassed only by our spectacular performance in last year’s third quarter, which was driven by exceptional growth across our business, particularly in our largest end market—consumer electronics.”
“I am pleased with the substantial revenue growth and operating margin expansion that we achieved on a sequential basis,” said Robert J. Willett, Chief Executive Officer of Cognex. “More importantly, we accomplished significant company objectives that are expected to set us up for long-term growth. These include successfully implementing our new Enterprise Resource Planning (ERP) system and passing a number of key product development milestones.”
Mr. Willett continued, “While we are pleased with our Q3-18 results, slower spending trends that we are experiencing in China have reduced our revenue outlook for Q4-18.”
In separate news releases issued today, Cognex announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on November 30, 2018 to all shareholders of record at the close of business on November 16, 2018. This dividend represents an increase of $0.005 per share, or 11%, over the $0.045 per share dividend paid in the prior quarter. In addition, the Board authorized the repurchase of up to $200 million of Cognex stock in open market transactions, subject to market conditions and other relevant factors. This new authorization will commence after Cognex completes an existing $150 million repurchase program, of which approximately $53 million remains available.
Details of the Quarter
Statement of Operations Highlights – Third Quarter of 2018
Balance Sheet Highlights – September 30, 2018
Financial Outlook – Q4 2018
This financial outlook reflects the new revenue recognition standard (ASC 606, “Revenue from Contracts with Customers”) that took effect on January 1, 2018. This standard did not have a material impact on total revenue. For a historical perspective, Exhibit 4 of this news release includes the company’s quarterly Statement of Operations for 2017 adjusted for the impact of the new standard.
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 1.5 million vision-based products, representing over $5 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 forward-looking statements, which include statements regarding business and market trends, future financial performance, customer order rates and timing of related revenue, expected areas of growth, new product introductions, research and development activities, Cognex’s stock repurchase program and further stock repurchases, investments, strategic plans and 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 loss of a large customer; (2) current and future conditions in the global economy, including the imposition of tariffs; (3) the reliance on revenue from the consumer electronics or automotive industries; (4) the inability to penetrate new markets; (5) the inability to achieve significant international revenue; (6) fluctuations in foreign currency exchange rates and the use of derivative instruments; (7) information security breaches or business system disruptions; (8) the inability to attract and retain skilled employees; (9) the failure to effectively manage our growth; (10) the reliance upon key suppliers to manufacture and deliver critical components for our products; (11) the failure to effectively manage product transitions or accurately forecast customer demand; (12) the inability to design and manufacture high-quality products; (13) the technological obsolescence of current products and the inability to develop new products; (14) the failure to properly manage the distribution of products and services; (15) the inability to protect our proprietary technology and intellectual property; (16) our involvement in time-consuming and costly litigation; (17) the impact of competitive pressures; (18) the challenges in integrating and achieving expected results from acquired businesses; (19) potential impairment charges with respect to our investments or for acquired intangible assets or goodwill; (20) exposure to additional tax liabilities; and (21) the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2017. 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 CORPORATIONStatements of Operations(Unaudited)Dollars in thousands, except per share amounts
Three-months Ended Nine-months EndedSeptember 30,2018
July 1, 2018October 1,2017
September 30,2018
October 1,2017
Revenue (1) $ 232,221 $ 211,264 $ 266,042 $ 613,052 $ 583,161 Cost of revenue (1) 58,860 54,169 68,061 153,227 142,757 Gross margin 173,361 157,095 197,981 459,825 440,404 Percentage of revenue 75 % 74 % 74 % 75 % 76 % Research, development, and engineering expenses (1) 29,700 26,888 26,078 87,664 72,225 Percentage of revenue 13 % 13 % 10 % 14 % 12 % Selling, general, and administrative expenses (1) 65,817 66,752 61,054 196,266 160,093 Percentage of revenue 28 % 32 % 23 % 32 % 27 % Operating income 77,844 63,455 110,849 175,895 208,086 Percentage of revenue 34 % 30 % 42 % 29 % 36 % Foreign currency (loss) (379 ) (195 ) (127 ) (708 ) (574 ) Investment and other income 3,808 3,313 2,030 10,638 6,281 Income before income tax expense 81,273 66,573 112,752 185,825 213,793 Income tax expense 837 10,377 10,259 11,976 9,334 Net income $ 80,436 $ 56,196 $ 102,493 $ 173,849 $ 204,459 Percentage of revenue 35 % 27 % 39 % 28 % 35 % Earnings per weighted-average common and common-equivalent share (2): Basic $ 0.47 $ 0.33 $ 0.59 $ 1.01 $ 1.18 Diluted $ 0.45 $ 0.32 $ 0.57 0.98 1.14 Weighted-average common and common-equivalent shares outstanding (2): Basic 172,189 172,370 173,234 172,613 173,052 Diluted 177,245 177,149 179,354 178,021 179,124 Cash dividends per common share (2) $ 0.0450 $ 0.0450 $ 0.0425 $ 0.1350 $ 0.1225 Cash and investments per common share (2) $ 4.70 $ 4.39 $ 4.45 $ 4.70 $ 4.45 Book value per common share (2) $ 6.68 $ 6.27 $ 6.55 $ 6.68 $ 6.55 (1) Amounts include stock option expense, as follows: Cost of revenue $ 544 $ 557 $ 520 $ 1,898 $ 1,404 Research, development, and engineering 3,197 3,154 2,765 11,166 8,090 Selling, general, and administrative 5,402 5,291 4,741 18,275 13,861 Total stock option expense $ 9,143 $ 9,002 $ 8,026 $ 31,339 $ 23,355(2) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Exhibit 2
COGNEX CORPORATIONReconciliation of Selected Items from GAAP to Non-GAAP(Unaudited)Dollars in thousands, except per share amounts
Three-months Ended Nine-months EndedSeptember 30,2018
July 1, 2018October 1,2017
September 30,2018
October 1,2017
Adjustment for stock option expense and tax benefit for stock option exercises Operating income (GAAP) $ 77,844 $ 63,455 $ 110,849 $ 175,895 $ 208,086 Stock option expense 9,143 9,002 8,026 31,339 23,355 Operating income (Non-GAAP) $ 86,987 $ 72,457 $ 118,875 $ 207,234 $ 231,441 Percentage of revenue (Non-GAAP) 37 % 34 % 45 % 34 % 40 % Net income (GAAP) $ 80,436 $ 56,196 $ 102,493 $ 173,849 $ 204,459 Stock option expense 9,143 9,002 8,026 31,339 23,355 Tax effect on stock option expense (1,654 ) (1,607 ) (2,639 ) (5,608 ) (7,661 ) Discrete tax benefit related to employee stock option exercises (2,811 ) (654 ) (8,620 ) (8,400 ) (27,574 ) Net income (Non-GAAP) $ 85,114 $ 62,937 $ 99,260 $ 191,180 $ 192,579 Percentage of revenue (Non-GAAP) 37 % 30 % 37 % 31 % 33 % Net income per diluted weighted-average common and common-equivalent share (GAAP) (1) $ 0.45 $ 0.32 $ 0.57 $ 0.98 $ 1.14 Share impact of non-GAAP adjustments identified above (1) 0.03 0.04 (0.02 ) 0.09 (0.06 ) Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) (1) $ 0.48 $ 0.36 $ 0.55 $ 1.07 $ 1.08 Diluted weighted-average common and common-equivalent shares outstanding (GAAP) (1) 177,245 177,149 179,354 178,021 179,124 Exclusion of tax adjustments Income before income tax expense (GAAP) $ 81,273 $ 66,573 $ 112,752 $ 185,825 $ 213,793 Income tax expense (GAAP) $ 837 $ 10,377 $ 10,259 $ 11,976 $ 9,334 Effective tax rate (GAAP) 1 % 16 % 9 % 6 % 4 % Tax adjustments: Discrete tax benefit related to employee stock option exercises (2,811 ) (654 ) (8,620 ) (8,400 ) (27,574 ) Discrete tax benefit related to Tax Act (7,699 ) — — (7,699 ) — Other discrete tax events (1,657 ) — (1,765 ) (1,657 ) (1,908 ) Income tax expense excluding tax adjustments (Non-GAAP) $ 13,004 $ 11,031 $ 20,644 $ 29,732 $ 38,816 Effective tax rate (Non-GAAP) 16 % 17 % 18 % 16 % 18 % Net income excluding tax adjustments (Non-GAAP) $ 68,269 $ 55,542 $ 92,108 $ 156,093 $ 174,977 Percentage of revenue (Non-GAAP) 29 % 26 % 35 % 25 % 30 % Net income per diluted weighted-average common and common-equivalent share (GAAP) (1) $ 0.45 $ 0.32 $ 0.57 $ 0.98 $ 1.14 Share impact of non-GAAP adjustments identified above (1) (0.06 ) (0.01 ) (0.06 ) (0.10 ) (0.16 ) Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) (1) $ 0.39 $ 0.31 $ 0.51 $ 0.88 $ 0.98 Diluted weighted-average common and common-equivalent shares outstanding (GAAP) (1) 177,245 177,149 179,354 178,021 179,124(1) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Exhibit 3
COGNEX CORPORATIONBalance Sheets(Unaudited)Dollars in thousands
September 30, 2018 December 31, 2017 Assets Cash and investments $ 809,316 $ 827,984 Accounts receivable 135,441 119,388 Unbilled revenue 13,948 7,454 Inventories 94,035 67,923 Property, plant, and equipment 88,930 78,048 Goodwill and intangible assets 124,090 126,397 Other assets 58,936 60,559 Total assets $ 1,324,696 $ 1,287,753 Liabilities and Shareholders' Equity Accounts payable and accrued expenses $ 88,927 $ 91,712 Deferred revenue and customer deposits 13,252 9,420 Income taxes 67,599 85,044 Other liabilities 5,474 5,904 Shareholders' equity 1,149,444 1,095,673 Total liabilities and shareholders' equity $ 1,324,696 $ 1,287,753Exhibit 4
COGNEX CORPORATIONRestated Statements of Operations under ASC 606 "Revenue from Contracts with Customers"(Unaudited)Dollars in thousands
Three-months EndedApril 2,2017
July 2,2017
October 1,2017
December 31,2017
Revenue $ 139,039 $ 178,080 $ 266,042 $ 182,922 Cost of revenue 32,532 42,164 68,061 44,532 Gross margin 106,507 135,916 197,981 138,390 Percentage of revenue 77 % 76 % 74 % 76 % Research, development, and engineering expenses 22,770 23,377 26,078 26,980 Percentage of revenue 16 % 13 % 10 % 15 % Selling, general, and administrative expenses 46,521 52,518 61,054 60,635 Percentage of revenue 33 % 29 % 23 % 33 % Operating income 37,216 60,021 110,849 50,775 Percentage of revenue 27 % 34 % 42 % 28 % Foreign currency (loss) (263 ) (184 ) (127 ) (1,027 ) Investment and other income 2,282 1,969 2,030 2,923 Income before income tax expense 39,235 61,806 112,752 52,671 Income tax expense (benefit) (6,236 ) 5,311 10,259 80,418 Net income (loss) $ 45,471 $ 56,495 $ 102,493 $ (27,747 ) Percentage of revenue 33 % 32 % 39 % (15 )% Earnings per weighted-average common and common-equivalent share (1): Basic $ 0.26 $ 0.33 $ 0.59 $ (0.16 ) Diluted $ 0.25 $ 0.32 $ 0.57 $ (0.16 ) Weighted-average common and common-equivalent shares outstanding (1): Basic 172,646 173,278 173,234 173,397 Diluted 178,354 179,228 179,354 173,397(1) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Adjustments to certain financial data as a result of the implementation of ASC 606 "Revenue from Contracts with Customers on Jan. 1 2018"
Three-months EndedApril 2,2017
July 2,2017
October 1,2017
December 31,2017
Revenue as reported $ 134,942 $ 172,904 $ 259,739 $ 180,365 Adjustments to revenue 4,097 5,176 6,303 2,557 Revenue as restated $ 139,039 $ 178,080 $ 266,042 $ 182,922 Cost of revenue as reported 28,225 37,471 62,360 40,642 Adjustments to cost of revenue 4,307 4,693 5,701 3,890 Cost of revenue as restated $ 32,532 $ 42,164 $ 68,061 $ 44,532 Gross margin as reported $ 106,717 $ 135,433 $ 197,379 $ 139,723 Adjustments to gross margin (210 ) 483 602 (1,333 ) Gross margin as restated $ 106,507 135,916 $ 197,981 $ 138,390 Gross margin percentage as reported 79 % 78 % 76 % 77 % Adjustments to gross margin percentage (2 )% (2 )% (2 )% (1 )% Gross margin percentage as restated 77 % 76 % 74 % 76 % Operating income as reported $ 37,426 $ 59,538 $ 110,247 $ 52,108 Adjustments to operating income (210 ) 483 602 (1,333 ) Operating income as restated $ 37,216 $ 60,021 $ 110,849 $ 50,775 Operating margin as reported 28 % 34 % 42 % 29 % Adjustments to operating margin (1 )% — % — % (1 )% Operating margin as restated 27 % 34 % 42 % 28 %
View source version on businesswire.com: https://www.businesswire.com/news/home/20181029005764/en/
Cognex CorporationSusan Conway, 508-650-3353Senior Director of Investor Relationssusan.conway@cognex.com
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