Cognex Tops Expectations on Revenue, EPS
Cognex beat Wall Street's estimates in the fourth quarter, but faced some challenges in the automotive sector.
Cognex (NASDAQ:CGNX), a leader in machine vision technology, announced its fourth-quarter earnings on Feb. 12. The company delivered robust results, with notable revenue growth driven by its logistics and semiconductor segments. Revenue grew by 17% year over year to $230 million, surpassing both analysts' expectations of $221 million and management's guidance. Adjusted EPS rose 84% to $0.20, outperforming the $0.15 estimate. However, challenges remained for its automotive segment.
Source: Analysts' estimates provided by FactSet.
Cognex specializes in machine vision products, catering primarily to the automotive, logistics, and consumer electronics industries. These segments accounted for 65% of the company's revenue in 2023. Recent launches like VisionPro Deep Learning 4.0 and its AI-powered DataMan series reflect its commitment to innovation. Strategic acquisitions like Moritex have augmented its market capabilities, supporting the company's continued growth in core and emerging markets.
