Cognex Sets Annual Revenue Mark
Machine sensor manufacturer Cognex Corp. of Natick established an annual revenue record for 2012, taking in $324.3 million, despite a slight drop in its fourth quarter compared with the same three-month period in 2011.
In its quarterly financial filing, Cognex said it took in $82.2 million in revenue, down from $84 million from the same quarter that ended 2011.
Meanwhile, profits for the quarter dipped year over year by $3.2 million to $17.4 million. That impacted annual profits, which dropped from $75.3 million in 2011 to $73.8 million. Earnings per share dropped from $1.63 to $1.56.
In a statement Monday, company Chairman Robert J. Shillman applauded the revenue record "despite downturns" in some markets, "unfavorable currency exchange and weaker macroeconomic conditions." And despite the drop in profits, Shillman expressed satisfaction with Cognex's profit margins, "even with the significant investments we made in new product development and the expansion of our sales team."
Cognex said it increased spending 5 percent during the quarter on research, development and engineering over the fourth quarter of 2011 to help accelerate the introduction of new products. There was also higher spending on outside services for products under development.
Looking ahead, the company said it expects revenue for the first quarter of this year to be between $78 million and $81 million, with a 5-percent increase in operating expenses.
WBJ Web Partners
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