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Dec 31, 2023
Cognex Q4 2023 Earnings Report
Cognex's Q4 2023 results reflected a challenging but stable business environment, with revenue across most end markets down year-on-year and major customers pausing significant capital expenditures.
Key Takeaways
Cognex's Q4 2023 revenue was $196.7 million, a decrease of 18% year-over-year. Net income was $11.2 million, a decrease of 80% year-over-year. The company remains focused on cost management and investing in long-term growth prospects.
Revenue decreased by 18% compared to Q4 2022, but was flat compared to Q3 2023.
Gross margin was 69% for Q4 2023, compared to 71% for Q4 2022.
Net income decreased by 80% from Q4 2022 and 41% from Q3 2023.
Cognex's financial position remained strong with $576 million in cash and investments and no debt.
Forward Guidance
Cognex expects Q1 2024 revenue to be between $190 million and $205 million, with Moritex contributing 6-8% of revenue. Adjusted gross margin is expected to be in the high-60% range, and adjusted operating expense is expected to increase mid-single-digits sequentially. The adjusted effective tax rate is expected to be 16%.
Positive Outlook
- Moritex is expected to contribute 6-8% of revenue.
- Strategic logistics project is expected to drive longer-term, high-margin subscription revenue.
- Focus on Emerging Customer initiative.
- Expect another quarter with a challenging, yet relatively stable operating environment.
- Adjusted gross margin1 is expected to be in the high-60% range
Challenges Ahead
- De-leverage from softer revenue.
- Negative revenue mix.
- Approximately 2 percentage point drag from a full-quarter of Moritex.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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