Cognex Stock Surges On Q2 Results, Strong Guidance - Update

(RTTNews) - Cognex Corp (CGNX) Monday reported a 54 percent increase in second-quarter profit, helped by double-digit sales growth, with results topping Wall Street estimates.

Moving ahead, Cognex provided strong revenue guidance for the third quarter, sending its shares up 16 percent in after-hours trade on the Nasdaq.

Cognex provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes.

During the quarter, all three of the company's markets saw growth; the largest contributor being the factory automation market, followed by surface inspection as well as semiconductor and electronics capital equipment market.

The Natick, Massachusetts-based company posted second quarter net earnings of $25.9 million or $0.29 per share, compared with $16.8 million or $0.19 per share last year.

Excluding items, adjusted earnings for the quarter were $0.32 per share. On average, four analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter.

Revenue for the second quarter climbed 26 percent to $108.8 million from $86.5 million in the prior year. Analysts expected revenue of $103.3 million for the quarter.

Looking forward, the company expects third quarter revenue of $165 million to $170 million. Analysts currently expect the company to post revenue of about $142 million for the third quarter.

Cognex stock closed Monday at $37.80, down $0.16 or 0.42%, on a volume of about 299k shares. In after hours, the stock gained $6.18 or 16.35% at $43.98.