Cognex Revenue Gains 13%
Machine vision specialist Cognex says it sees a bright future for itself after recording record results in a typically soft quarter. The company reported third-quarter results after the markets closed yesterday, showing it posted revenue of $90.8 million, a robust 13% gain from the $80.1 million in the same period the previous year, though it was in-line with Capital IQ consensus estimates.
Net income was also up sharply, rising 23% to $20.7 million, or $0.23 per share, from Q3 2012's $17.8 million, or $0.20 per share, though that was also in-line with CapIQ estimates.
Much of the growth is attributable to the factory automation market where it set new quarterly sales records as revenue jumped 18% year over year and was up 7% sequentially.
The company provided selected forward guidance for its current fourth quarter, believing it will post revenues between $93 million and $96 million, which is also in-line with estimates of $94.8 million.
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