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Jul 04, 2021
Cognex Q2 2021 Earnings Report
Cognex reported record quarterly revenue, net income, and net income per diluted share.
Key Takeaways
Cognex Corporation reported record revenue of $269 million for the second quarter, a 59% increase from Q2-20 and 13% from Q1-21. The company also reported an operating margin of 34%, which is well above their 30% long-term target.
Cognex reported the highest quarterly revenue in the company’s 40-year history.
Revenue grew substantially year over year due to strong, broad-based demand for Cognex products.
Operating margin was 34%, well above the 30% long-term target.
Revenue from each geographic region (the Americas, Asia, and Europe) grew substantially from Q2-20.
Cognex
Cognex
Forward Guidance
Cognex believes revenue in Q3-21 will be between $275 million and $295 million. Gross margin for Q3-21 is expected to be in the low-to-mid 70% range. Operating expenses are expected to be up by mid-single digits from Q2-21. The effective tax rate is expected to be 18%, excluding discrete tax items.
Positive Outlook
- Revenue in Q3-21 will be between $275 million and $295 million.
- This range represents growth over both Q3-20 and Q2-21
- Higher expected revenue from logistics
- Higher expected revenue from automotive
- Higher expected revenue from the broader factory automation market
Challenges Ahead
- The growth rate in Q3-21 is expected to moderate as compared to the first half of 2021 because of consumer electronics.
- Consumer electronics revenue will be more evenly split between Q2 and Q3 in 2021 than in 2020.
- Consumer electronics revenue will decline modestly for the year.
- Gross margin for Q3-21 is expected to be in the low-to-mid 70% range, and lower than the gross margin reported for Q2-21.
- Operating expenses are expected to be up by mid-single digits from Q2-21.