Cognex Q4 Profit Increases; Names Paul Todgham CFO

(RTTNews) - Cognex Corp. (CGNX) reported that its net income for the fourth-quarter increased to $80.33 million or $0.46 per share from $45.42 million or $0.26 per share in the prior year.

Non-GAAP net income per share was $0.51, compared to $0.30 last year.

Revenue was $169.77 million down from $193.29 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share and revenues of $161.13 million. Analysts' estimates typically exclude special items.

For the first-quarter, the company projects revenue to be between $155 million and $170 million. The range represents a decline from first-quarter of 2019 primarily due to continued weakness in automotive and the estimated impact of the coronavirus outbreak. The decrease is expected to be partially offset by growth in logistics.

Cognex also announced the appointment of Paul Todgham as Senior Vice President of Finance and Chief Financial Officer, effective March 9, 2020. He will be based in the company's Natick headquarters and will report to Cognex's President and CEO, Robert Willett.

Most recently, Todgham spent six years at Levi Strauss & Company (NYSE: LEVI), where he served in a range of senior leadership positions, including leading finance for the company's Global Supply Chain, Distribution, Merchandising, Planning, Design and Marketing teams.