Cognex Q4 Profit Down; Chairman & Founder Robert Shillman To Resign

(RTTNews) - Cognex Corp. (CGNX) posted a net income of $69.35 million or $0.39 per share in the fourth-quarter down from $80.33 million or $0.46 per share in the prior year.

On a non-GAAP basis, net income was $0.32 compared to $0.11 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Revenue for the fourth-quarter rose to $223.62 million from $169.77 million in the previous year, due to continued strong performance in the e-commerce sector of logistics and higher revenue from manufacturers of consumer electronics. Analysts expected revenue of $205.52 million for the fourth-quarter.

Cognex expects revenue for the first-quarter 2021 to be between $225 million and $245 million. The company expects growth over both the first-quarter and fourth-quarter of 2020 due primarily to higher revenue anticipated from the e-commerce sector of logistics. Analysts expect revenue of $194.23 million for the first quarter.

In a separate press release, Cognex said that after 40 years with company, Robert Shillman, Founder, Chairman and Chief Culture Officer, has decided to resign from Cognex's board of directors and as an executive officer of Cognex, effective May 5, 2021.

The company noted that Shillman will continue to hold his title of Chief Culture Officer until June 1, 2021. After that time, he will assume the title of "Founder, Chairman Emeritus and Adviser" and remain an employee of Cognex as an adviser to Cognex's Chief Executive Officer, Robert Willett, and to Cognex's Board of Directors.

Anthony Sun, Cognex's Lead Independent Director, will succeed Shillman as Chairman of Cognex's Board.

Cognex declared a quarterly cash dividend of $0.06 per share. This dividend is payable on March 12, 2021 to all shareholders of record at the close of business on February 26, 2021.