{"id":732391,"date":"2023-02-16T16:52:04","date_gmt":"2023-02-16T21:52:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cognex-reports-fourth-quarter-and-full-year-2022-results\/"},"modified":"2023-02-16T16:52:04","modified_gmt":"2023-02-16T21:52:04","slug":"cognex-reports-fourth-quarter-and-full-year-2022-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cognex-reports-fourth-quarter-and-full-year-2022-results\/","title":{"rendered":"Cognex Reports Fourth Quarter and Full Year 2022 Results"},"content":{"rendered":"

<\/p>\n

Cognex Reports Fourth Quarter and Full Year 2022 Results<\/b><\/p>\n

NATICK, Mass.–(BUSINESS WIRE<\/a>)–Cognex Corporation<\/a> (NASDAQ: CGNX) today reported financial results for 2022. Table 1 below shows selected financial data for Q4-22 compared with Q4-21 and Q3-22, and the year ended December 31, 2022 compared with the year ended December 31, 2021.\n<\/p>\n

\n\u201cOur fourth quarter results were in line with our guidance, but are not representative of our long-term growth expectations,\u201d said Robert J. Willett<\/a>, CEO of Cognex. \u201cWe are navigating through a challenging business environment. A few of our largest e-commerce customers have paused most of their investments. At the end of 2022, we observed slower trends across our broader factory automation business, and we have seen this carry into the beginning of 2023.\u201d\n<\/p>\n

\n\u201cAs we manage through this slow period, we remain focused on the long term. We have important new product launches coming up this year. These products bring powerful, easy-to-use technology which expands the number of customers we can serve. And we are investing in our sales and marketing organization to reach more of these emerging customers.\u201d\n<\/p>\n

Table 1
\n
<\/span><\/b>(Dollars in thousands, except per share amounts)\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

Revenue<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

Net Income<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

Net Income<\/b><\/p>\n

per Diluted<\/b><\/p>\n

Share<\/span><\/b><\/p>\n<\/td>\n

\n

Non-GAAP<\/b><\/p>\n

Net Income<\/b><\/p>\n

per Diluted<\/b><\/p>\n

Share*<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Quarterly Comparisons<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Current quarter: Q4-22<\/b><\/p>\n<\/td>\n

\n

$239,433<\/b><\/p>\n<\/td>\n

\n

$55,311<\/b><\/p>\n<\/td>\n

\n

$0.32<\/b><\/p>\n<\/td>\n

\n

$0.27<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nPrior year\u2019s quarter: Q4-21\n<\/p>\n<\/td>\n

\n

\n$244,065\n<\/p>\n<\/td>\n

\n

\n$53,535\n<\/p>\n<\/td>\n

\n

\n$0.30\n<\/p>\n<\/td>\n

\n

\n$0.30\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange: Q4-21 to Q4-22\n<\/p>\n<\/td>\n

\n

\n(2)%\n<\/p>\n<\/td>\n

\n

\n3%\n<\/p>\n<\/td>\n

\n

\n7%\n<\/p>\n<\/td>\n

\n

\n(10)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPrior quarter: Q3-22\n<\/p>\n<\/td>\n

\n

\n$209,622\n<\/p>\n<\/td>\n

\n

\n$33,980\n<\/p>\n<\/td>\n

\n

\n$0.19\n<\/p>\n<\/td>\n

\n

\n$0.21\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange: Q3-22 to Q4-22\n<\/p>\n<\/td>\n

\n

\n14%\n<\/p>\n<\/td>\n

\n

\n63%\n<\/p>\n<\/td>\n

\n

\n68%\n<\/p>\n<\/td>\n

\n

\n29%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Yearly Comparisons<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Year ended December 31, 2022<\/b><\/p>\n<\/td>\n

\n

$1,006,090<\/b><\/p>\n<\/td>\n

\n

$215,525<\/b><\/p>\n<\/td>\n

\n

$1.23<\/b><\/p>\n<\/td>\n

\n

$1.31<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nYear ended December 31, 2021\n<\/p>\n<\/td>\n

\n

\n$1,037,098\n<\/p>\n<\/td>\n

\n

\n$279,881\n<\/p>\n<\/td>\n

\n

\n$1.56\n<\/p>\n<\/td>\n

\n

\n$1.49\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange from 2021 to 2022\n<\/p>\n<\/td>\n

\n

\n(3)%\n<\/p>\n<\/td>\n

\n

\n(23)%\n<\/p>\n<\/td>\n

\n

\n(21)%\n<\/p>\n<\/td>\n

\n

\n(12)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n

\n*Non-GAAP net income per diluted share excludes a loss from fire and restructuring charges, both net of tax benefit, and discrete tax adjustments. A reconciliation from GAAP to Non-GAAP is shown in Exhibit 2 of this news release.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n

Summary of the Year<\/span><\/b><\/p>\n

\nAs a result of our challenges in 2022, annual revenue declined by 3% from a record $1.037 billion in 2021. With approximately 60% of our revenue outside the Americas, the strong U.S. dollar was a headwind for us in the year. Excluding the impact of foreign currency translation, our revenue grew 1%. Outside of our logistics business, our performance in 2022 was roughly in–<\/b>line on a constant currency basis with what we would expect over the long term for the remainder of our end markets.\n<\/p>\n

\nGross margin was 72% compared to 73% for 2021 and below the company\u2019s mid-70% long-term target. The decline was due to elevated costs paid by Cognex to purchase scarce components because of global supply chain constraints and to replace the components lost in the fire at the company’s primary contract manufacturer in June 2022.\n<\/p>\n

\nOperating income was 24% of revenue compared to 30% for 2021. Cognex recorded a pre-tax net loss of $20.8 million from the write-off of company assets that were destroyed or abandoned in the fire, lower annual revenue, and continued to invest in engineering and its worldwide sales force to help scale for future growth. The company also recorded pre-tax restructuring charges of $1.7 million related to the acquisition of SAC Sirius Advanced Cybernetics GmbH (“SAC”) in the fourth quarter.\n<\/p>\n

Details of the Quarter<\/span><\/b><\/p>\n

Statement of Operations Highlights \u2013 Fourth Quarter of 2022<\/b><\/p>\n