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Jun 30, 2024
Cognex Q2 2024 Earnings Report
Cognex reported second quarter revenue and gross margin in line with expectations, with operating expenses favorable to guidance.
Key Takeaways
Cognex's Q2 2024 revenue declined slightly by 1% year-over-year, although there was strong growth in Logistics and Semiconductor end markets. The company remains focused on AI-driven product innovation and cost management.
Revenue declined by 1% compared to Q2 2023, but increased by 14% sequentially from Q1 2024.
Gross margin was 69.6%, with an adjusted gross margin of 70.3%.
Operating expenses increased by 12% from Q2 2023 but remained flat compared to Q1 2024.
Net income declined by 37% from Q2 2023 but increased by 201% from Q1 2024.
Cognex
Cognex
Forward Guidance
Cognex expects Q3 2024 revenue to be between $225 million and $240 million, with adjusted gross margin slightly below 70% and adjusted EBITDA margin between 16% and 19%.
Positive Outlook
- Revenue to be between $225 million and $240 million.
- Moritex business to contribute 10 to 12 percent of revenue in Q3.
- Expectations for a similar EBITDA margin year-on-year reflect positive operating leverage on higher revenue.
Challenges Ahead
- Revenue represents a slight sequential decrease from Q2 2024.
- Adjusted gross margin is expected to be slightly below 70%, a sequential decrease from Q2 2024.
- Higher incentive compensation.
- Additional investment in the Emerging Customers initiative.