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Dec 31, 2021
Cognex Q4 2021 Earnings Report
Cognex reported record fourth-quarter revenue.
Key Takeaways
Cognex Corporation reported record fourth-quarter revenue of $244 million for 2021, a 9% increase from Q4-20 and a 14% decrease from Q3-21. Growth in logistics, automotive, and other markets was partially offset by lower revenue from consumer electronics. The company's financial position remained strong, with $907 million in cash and investments and no debt.
Cognex reported record fourth-quarter revenue of $244 million.
Revenue increased by 9% from Q4-20 and decreased 14% from Q3-21.
Growth in logistics, automotive, and many other markets on a year-on-year basis was partially offset by lower revenue from customers in consumer electronics.
The effective tax rate was an expense of 8% in Q4-21.
Forward Guidance
Cognex believes revenue in Q1-22 will be between $265 million and $285 million, which at the mid-point represents low double-digit growth over Q4-21. Gross margin for Q1-22 is expected to be in the low-70% range, which is similar to the level reported in Q4-21. Operating expenses are expected to be relatively flat with Q4-21. The effective tax rate is expected to be 17%, excluding discrete tax items.
Positive Outlook
- Revenue in Q1-22 is expected to be between $265 million and $285 million.
- Mid-point represents low double-digit growth over Q4-21.
- The company has been experiencing strong demand from the logistics market.
- Improvements in delivery lead times.
- Gross margin for Q1-22 is expected to be in the low-70% range, similar to Q4-21.
Challenges Ahead
- Operating expenses are expected to be relatively flat with Q4-21.
- The effective tax rate is expected to be 17%, excluding discrete tax items.
- No specific negative factors were mentioned besides the tax rate.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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