Loading...
•
Apr 03, 2022
Cognex Q1 2022 Earnings Report
Cognex reported first quarter results with revenue reaching the second highest in the company's history, driven by machine vision technology adoption and the efforts of Cognex employees.
Key Takeaways
Cognex reported record first-quarter revenue of $282 million, an 18% increase year-over-year. The growth was propelled by multiple end markets, including a notable contribution from logistics customers. Improved supply conditions also aided in shipping backlog orders. However, the company noted that growth momentum is slowing due to project delays caused by supply chain issues and staffing shortages.
Cognex reported record first-quarter revenue of $282 million, up 18% year-over-year.
Growth was driven by multiple end markets, including logistics.
Improved supply conditions helped the company ship backlog orders.
The company believes growth momentum is slowing due to supply chain challenges and staffing shortages.
Forward Guidance
Cognex expects Q2 2022 revenue to be between $265 million and $285 million. Higher revenue from consumer electronics is expected to be offset by the timing of large projects in logistics and slower spending in broader factory automation. Gross margin is expected to be in the low-70% range. Operating expenses are expected to be roughly flat. The effective tax rate is expected to be 16%, excluding discrete tax items.
Positive Outlook
- Cognex expects revenue in Q2-22 will be between $265 million and $285 million.
- Higher revenue from the consumer electronics industry
- For all of 2022, Cognex expects that annual revenue from both consumer electronics and logistics will grow over 2021.
- Operating expenses are expected to be roughly flat on a sequential basis.
- The effective tax rate is expected to be 16%, excluding discrete tax items.
Challenges Ahead
- Higher revenue from the consumer electronics industry will be offset by the timing of large projects in logistics and slower spending trends in the broader factory automation market.
- Gross margin for Q2-22 is expected to be in the low-70% range, and below the company’s mid-70% long-term target due to higher supply chain costs.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...