Cognex Q4 2024 Earnings Report

Key Takeaways

Cognex achieved strong revenue growth of 16.78% YoY in Q4 2024, driven by demand in Logistics and Semiconductor. Operating margin improved significantly, and net income more than doubled. Automotive remains a weak spot, while cost discipline contributed to higher profitability.

Total Revenue

$230M

Previous year: $197M

+16.8%

EPS

$0.2

Previous year: $0.11

+81.8%

Gross Margin

68.7%

Previous year: 68.7%

+0.0%

Operating Margin

13.4%

Previous year: 6.5%

+106.2%

Adjusted EBITDA

$42.4M

Previous year: $24.9M

+70.7%

Gross Profit

$158M

Previous year: $135M

+16.9%

Cash and Equivalents

$587M

Previous year: $332M

+76.8%

Free Cash Flow

$49M

Previous year: $7.48M

+555.4%

Cognex Revenue

Cognex EPS

Forward Guidance

Cognex expects stable revenue for Q1 2025, with growth in Logistics and Semiconductor offset by weakness in Automotive and foreign exchange headwinds. Cost management is expected to drive margin improvements.

Positive Outlook

Revenue expected to be between $200M and $220M, stable YoY
Continued growth in Logistics and Semiconductor businesses
Adjusted EBITDA margin forecasted at 12% - 15%, improving YoY
Strong cost discipline and operating expense management
Ongoing investments in AI-powered machine vision technology

Challenges Ahead

Automotive sector remains weak, especially in EV batteries
Expected sequential revenue decline due to Q4 demand acceleration
Foreign exchange expected to negatively impact revenue by $9M
Gross margin pressure from product mix and pricing challenges
Higher effective tax rate compared to prior year