Strong quarter, year for Cognex
Machine sensor manufacturer Cognex Corp. of Natick experienced a “fabulous” year, according to Chairman Robert J. Shillman, with the company reporting a 22 percent increase in its fourth-quarter revenue compared with the fourth quarter of 2013.
Cognex also set new annual records for revenue, net income, and earnings per share in 2014, according to the company’s earnings report released Thursday.The year-over-year growth in the fourth quarter, which ended Dec. 31, was credited to the factory automation market.
Sequential growth from the previous quarter faltered, with a decrease of 31 percent from the previous quarter.
“On a sequential basis, growth from these markets was overshadowed by substantial revenue from a single customer in Q3 that did not repeat in Q4,” Shillman said.
In 2014, $70 million of revenue came from that customer, of which $65 million was collected in the third quarter, the report said.
Revenue for 2014 was $486.27 million and $117.18 million for the fourth quarter. Net income was $1.36 per share for the year, and $0.30 per share for the quarter. Cognex said it expects revenue for the first quarter of 2015 between $108 million and $111 million, which would mean a year-on-year growth of 19 percent to 22 percent.
WBJ Web Partners
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