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.

For more earnings news, earnings calendar and stock earnings, visit rttnews.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Comments are closed.