Cognex shares rise on record profit and revenue in 2021
By Maria Armental
The stock of Cognex Corp. rose 11% to $68.50 after hours on the back of a strong fourth quarter financial performance that led the company to a banner year with over $1 billion in revenue.
Massachusetts-based Cognex, which reported fourth quarter results before the Wall Street consensus, ended the year with record profit of $279.9 million on revenue of $1.04 billion. dollars, also a record. In 2020, it reported earnings of $176.2 million and $811 million in revenue.
“We believe the trends in the adoption of machine vision technology are stronger than ever as manufacturers seek to automate a growing range of industrial tasks,” Chief Executive Officer Robert J. Willett said in a statement.
Logistics has become the company’s largest end market with 65% growth in 2021. The year’s performance also reflected a broader recovery in industries affected by the pandemic, including the automotive industry, a indicated the company, distinguishing investments in electric vehicles.
One exception, he said, was consumer electronics, whose revenues were down from 2020.
Cognex invested a record $135 million, or 13% of revenue, in research, development and engineering in 2021.
The company pointed to strong logistics market demand and improved delivery times and forecast revenue of $265 million to $285 million this quarter, ahead of analyst consensus of $251 million, according to FactSet.
Write to Maria Armental at [email protected]