Cognex Q2 Profit Down; Stock Down

(RTTNews) - Cognex Corp. (CGNX) reported that its second quarter net income declined to $58.90 million or $0.34 per share from $77.60 million or $0.43 per share in the same quarter last year. Cognex recorded a charge of $17.4 million in the latest quarter related to a warehouse fire.

CGNX closed Tuesday regular trading at $49.72 down $0.81 or 1.60%. In the after-hours, the stock further dropped $7.28 or 14.64%.

Non-GAAP net income for the latest quarter was $71.51 million or $0.41 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the second quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $274.63 million from $269.16 million in the prior year. Analysts expected revenue of $276.59 million for the quarter.

Looking ahead for the third quarter, Cognex expects revenue to be between $160 million and $180 million. The range represents a decline both year-on-year and sequentially due to the estimated impact of the supply disruption caused by the June fire at the company's primary contract manufacturing site and lower expected revenue from e-commerce logistics. Analysts expect revenue of $290.25 million for the third quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com