Cognex Q4 Profit Rises YoY, Revenue Up 32%; John Curran Promoted To CFO

(RTTNews) - Cognex Corp. (CGNX) reported fourth-quarter net income from continuing operations of $38.25 million or $0.43 per share compared to $18.85 million or $0.22 per share, previous year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.29 for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter revenue increased to $129.32 million from $97.77 million, a year ago. Analysts expected revenue of $116.93 million for the quarter. The company said the growth year-on-year came from a variety of industries, including automotive, consumer electronics and logistics. Gross margin was 79% compared to 76%, prior year. Gross margin increased year-on-year due to cost improvements and manufacturing efficiencies.

For first-quarter, the company expects revenue to be between $122 million and $125 million, which represents growth of 27% to 30% year-on-year. Gross margin is expected to be in the mid-to-high 70% range.

Cognex announced the company's Board declared a quarterly cash dividend of $0.075 per share. The dividend is payable on March 17, 2017 to all shareholders of record at the close of business on March 3, 2017.

Cognex also announced the retirement of Richard Morin, Executive Vice President of Finance and Administration and Chief Financial Officer. John Curran, Cognex's Senior Vice President of Finance, will succeed Morin as CFO on February 17.