Lower Q2 Cognex Earnings; Falling stock
(RTTNews) – Cognex Corp. (CGNX) reported that its second quarter net profit fell to $58.90 million or $0.34 per share from $77.60 million or $0.43 per share in the same quarter last year. Cognex recorded a $17.4 million charge in the last quarter related to a warehouse fire.
CGNX closed regular trading on Tuesday at $49.72 down $0.81 or 1.60%. After hours, the stock fell another $7.28 or 14.64%.
Non-GAAP net income for the last quarter was $71.51 million or $0.41 per share. Analysts polled by Thomson Reuters had expected the company to report earnings of $0.41 per share for the second quarter. Analyst estimates generally exclude special items.
Revenue for the quarter reached $274.63 million, compared to $269.16 million the previous year. Analysts had expected revenue of $276.59 million for the quarter.
For the third quarter, Cognex expects revenue of between $160 million and $180 million. The range represents a decline both year-over-year and sequentially due to the estimated impact of the supply disruption caused by the June fire at the company’s main contract manufacturing site. and lower expected e-commerce logistics revenues. Analysts expect third quarter revenue of $290.25 million.
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