Cognex Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended October 01, 2023
October 31, 2023 at 06:31 am EDT
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Cognex Corporation reported earnings results for the third quarter and nine months ended October 01, 2023. For the third quarter, the company reported sales was USD 197.24 million compared to USD 209.62 million a year ago. Net income was USD 18.92 million compared to USD 33.98 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to USD 0.2 a year ago. Diluted earnings per share from continuing operations was USD 0.11 compared to USD 0.19 a year ago.
For the nine months, sales was USD 640.88 million compared to USD 766.66 million a year ago. Net income was USD 102.01 million compared to USD 160.21 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to USD 0.92 a year ago. Diluted earnings per share from continuing operations was USD 0.59 compared to USD 0.91 a year ago.
Cognex Corporation invents and commercializes technologies that address various critical manufacturing and distribution challenges. The Company is a global provider of machine vision products and solutions that improve efficiency and quality in businesses across industrial end markets. It operates through the machine vision technology segment. Its solutions blend physical products and software to capture and analyze visual information, allowing for the automation of manufacturing and distribution tasks for customers worldwide. Machine vision products are used to automate the manufacturing or distribution and tracking of discrete items, such as mobile phones, electric vehicle batteries and e-commerce packages, by locating, identifying, inspecting, and measuring them. Machine vision is important for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings or quality improvements are maintained.