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May 10, 2021

Natick manufacturer sets new record for quarterly profits

A grey building with yellow trim around the top and "COGNEX" lettered on the side Photo | Grant Welker Cognex's Natick headquarters

Cognex, the Natick machine vision systems and bar code reader manufacturer, has reported record first quarter results, including a 241% increase compared to the previous year’s first quarter.

“Cognex started 2021 on a strong note,” Cognex CEO Robert Willett said in a release. “We reported the highest first quarter revenue, net income, and earnings per share in our company’s 40-year history.”

The company reported first quarter revenue of $239 million, 43% more than the first quarter of 2020 and 7% more than the fourth quarter of 2020. Profits were $69.8 million, up from $20.4 million in the first quarter of 2020 and slightly edging out income from the fourth quarter of 2020, which was $69.3 million. 

Net income per diluted share of $0.39 represents a 225% increase over the first quarter of last year and was in line with the fourth quarter of last year.

Willett said the company continued its momentum in the e-commerce sector of logistics as businesses that have been struggling in the last year begin to recover and that the company’s newly introduced products in the areas of 3D vision, edge intelligence, and handheld barcode reading will “contribute to revenue growth in years to come.”

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