Cognex Q1 2021 Earnings Report
Key Takeaways
Cognex Corporation reported a strong start to 2021, achieving record first-quarter revenue of $239 million, a 43% increase year-over-year. The company's net income also reached a record $69.848 million, with an operating margin of 33%. Growth was driven by continued strong performance in the e-commerce sector of logistics and improved business activity across all geographic regions.
Cognex reported record first quarter revenue, net income, and earnings per share.
Revenue increased by 43% compared to Q1-20 and 7% from Q4-20, reaching $239 million.
The e-commerce sector of logistics contributed significantly to the company's growth.
Gross margin increased to 77% due to higher volume and a favorable revenue mix.
Cognex
Cognex
Forward Guidance
Cognex expects revenue in Q2-21 to be between $250 million and $270 million, representing substantial growth over Q2-20. Gross margin for Q2-21 is expected to be in the mid-70% range, and operating expenses are expected to be flat to slightly up from Q1-21. The effective tax rate is expected to be 18%, excluding discrete tax items.
Positive Outlook
- Revenue in Q2-21 is expected to be between $250 million and $270 million.
- This range represents anticipated substantial growth over Q2-20.
- Operating expenses are expected to be flat to slightly up from Q1-21.
- The effective tax rate is expected to be 18%, excluding discrete tax items.
Challenges Ahead
- Gross margin for Q2-21 is expected to be in the mid-70% range.
- Gross margin is expected to be lower than the gross margin reported in recent quarters.