Revenue and Growth - Revenue for 2024 was $914,515,000, representing a 9% increase from $837,547,000 in 2023, driven by the acquisition of Moritex Corporation and higher revenue from logistics and semiconductor industries [134][138]. - Revenue from the logistics industry increased by 20% year-over-year, representing approximately 23% of total revenue in 2024 [139]. - Revenue from the semiconductor industry grew by 80% year-over-year, accounting for approximately 11% of total revenue in 2024 [140]. - Revenue from customers in the Americas increased by 6%, while revenue from Europe decreased by 1% in 2024 [141][143]. - The acquisition of Moritex contributed approximately 8% to total revenue in 2024 [138]. - The company's revenue for the year ended December 31, 2024, was $914,515,000, representing an increase from $837,547,000 in 2023, but a decrease from $1,006,090,000 in 2022 [196]. - Revenue from the Americas was $350,155,000 in 2024, up from $330,415,000 in 2023, indicating a growth of 6.3% [301]. Profitability and Margins - Gross margin decreased to 68% in 2024 from 72% in 2023, primarily due to a less favorable revenue mix and pricing pressures [135][143]. - Operating income decreased to 13% of revenue in 2024 compared to 16% in 2023, with net income decreasing to 12% of revenue or $0.62 per share [137]. - The gross profit for 2024 was $625,794,000, compared to $601,241,000 in 2023, indicating a slight improvement year-over-year [196]. - Operating income for 2024 was $115,065,000, down from $130,702,000 in 2023 and significantly lower than $246,229,000 in 2022 [196]. - Net income for 2024 was $106,171,000, a decrease from $113,234,000 in 2023 and $215,525,000 in 2022 [196]. - The total comprehensive income for 2024 was $78,730,000, a decline from $137,195,000 in 2023 and $194,170,000 in 2022 [198]. Expenses and Costs - Selling, general, and administrative expenses increased by 9% in 2024, primarily due to investments in sales personnel and costs related to the Moritex acquisition [148]. - Research, development, and engineering expenses remained relatively flat at $139,815,000, representing 15% of total revenue in 2024 [146][147]. - Operating expenses increased by 9% to $510,729,000 in 2024, maintaining a consistent percentage of total revenue at 56% [145]. - The total operating lease expense increased to $14,131,000 in 2024 from $11,598,000 in 2023, representing a rise of approximately 21.8% [283]. Cash Flow and Investments - Net cash provided by operating activities totaled $149,081,000 in 2024, driven by growth in logistics revenue [158]. - Net cash used in investing activities was $38,969,000, primarily for capital expenditures of $15,043,000 related to new product introductions [159]. - The company reported cash dividends per common share of $0.305 in 2024, up from $0.286 in 2023 and $0.265 in 2022 [196]. - As of December 31, 2024, the company had an accumulated cash and investment balance of $586,948,000, indicating strong liquidity [157]. - The Company’s total investments amounted to $586,948,000 as of December 31, 2024, compared to $576,277,000 in 2023, indicating a slight increase [275]. Tax and Non-Operating Income - Income before income tax expense decreased by $3,859,000, or 3%, to $131,489,000 in 2024, while income tax expense increased by $3,204,000, or 14%, to $25,318,000 [155]. - The effective income tax rate rose to 19% in 2024 from 16% in 2023, with discrete tax net expenses recorded at $5,731,000 in 2024 [155]. - For the twelve months ended December 31, 2024, total non-operating income increased by $11,778,000, or 254%, to $16,424,000 compared to $4,646,000 in 2023 [151]. Shareholder Returns - The company repurchased 1,711,000 shares at a cost of $67,085,000 in 2024, leaving a remaining balance of $265,807,000 under the stock repurchase program [161]. - Cash dividends totaled $52,329,000 in 2024, with $0.075 per share in the first three quarters and $0.080 per share in the fourth quarter [162]. - The Company declared a cash dividend of $0.080 per share in the fourth quarter of 2024, an increase from $0.075 per share in the previous quarter [310]. Assets and Liabilities - Total assets decreased from $2,017,812 in 2023 to $1,992,850 in 2024, a decline of approximately 1.2% [200]. - Total current liabilities increased from $151,884 in 2023 to $169,380 in 2024, an increase of approximately 11.5% [200]. - Shareholders' equity rose from $1,504,752 in 2023 to $1,517,505 in 2024, an increase of about 0.8% [202]. - The total inventory as of December 31, 2024, was $157,527,000, a decrease from $162,285,000 in 2023, reflecting a reduction of approximately 2.3% [280]. Accounting and Reporting - The Company recognizes revenue in accordance with ASC 606, reflecting the transfer of promised goods or services to customers [237]. - The consolidated financial statements include accounts of Cognex Corporation and its wholly owned subsidiaries, with all intercompany transactions eliminated [207]. - The Company adopted new accounting guidance in 2024 related to the disclosure of segment information, which was retrospectively applied to 2023 and 2022 [187]. - The Company adopted ASU 2023-07 for segment reporting, effective for fiscal years beginning after December 15, 2023, requiring disclosure of segment profit or loss measures used by the chief operating decision maker [269]. Risk Management and Supply Chain - The company has faced disruptions in the supply of key components due to global supply chain challenges, resulting in higher purchase costs and manufacturing delays [266]. - The company sources components from preferred vendors, and disruptions may lead to higher costs and delays if alternative vendors are required [267]. - The Company does not currently hedge interest rate exposures due to the relatively short maturities and investment-grade quality of its portfolio [180].

Cognex Corporation (CGNX) came out with quarterly earnings of $0.20 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post earnings of $0.17 per share when it actually produced earnings of $0.20, delivering a surprise of 17.65%.Over the last four quarters, the compa ...

Core Insights - Cognex reported strong fourth-quarter earnings, with revenue growth driven by logistics and semiconductor segments, surpassing analyst expectations [2][5] - The automotive sector faced challenges, impacting sales and emphasizing the need for operational efficiency [6][8] Financial Performance - Revenue for Q4 2024 reached $230 million, a 17% increase year over year, exceeding the analysts' estimate of $221 million [2][3] - Adjusted EPS rose 84% to $0.20, outperforming the estimate of $0.15 [2][3] - Operating margin improved to 13.4%, a significant increase of 690 basis points from 6.5% in Q4 2023 [3][7] - Free cash flow surged to $49.3 million, a 560% increase from $7.5 million in the previous year [3][7] Business Overview - Cognex specializes in machine vision products, primarily serving the automotive, logistics, and consumer electronics industries, which accounted for 65% of revenue in 2023 [4] - Recent product launches and strategic acquisitions have bolstered the company's market capabilities and innovation [4] Future Outlook - For Q1 2025, Cognex forecasts revenue between $200 million and $220 million, anticipating growth in logistics and semiconductor sectors, while facing challenges in the automotive sector [8] - Management expects adjusted gross margin in the high 60% range and an EBITDA margin of 12% to 15% [8]

Exhibit 99.1 Cognex Reports Fourth Quarter 2024 Results February 12, 2025―NATICK, MA—Cognex Corporation (NASDAQ: CGNX) today reported financial results for the fourth quarter and full year 2024. Table 1 below shows selected financial data for Q4-24 and the full year 2024 compared with Q4-23 and the full year 2023. "Cognex delivered strong results in the fourth quarter, with revenue at the high end of our guidance range. Growth was driven by continued momentum in our Logistics and Semiconductor businesses, i ...

NATICK, Mass., Feb. 12, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the fourth quarter and full year 2024. Table 1 below shows selected financial data for Q4-24 and the full year 2024 compared with Q4-23 and the full year 2023."Cognex delivered strong results in the fourth quarter, with revenue at the high end of our guidance range.  Growth was driven by continued momentum in our Logistics and Semiconductor businesses, including accelerated demand late in the ...

NATICK, Mass., Jan. 23, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) will release earnings for the fourth quarter of 2024 on Wednesday, February 12, 2025, after market close. The Company will host a conference call on Thursday, February 13, 2025 at 8:30 a.m. Eastern Standard Time (EST), to discuss the results. Access to the conference call, and a replay that will be available following the call, may be found on the Cognex Investor Relations website at https://www.cognex.com/investor. The telephone ...

DataMan 290 and 390 barcode readers, backed by industry-leading customer support, deliver unmatched reliability and ease of useNATICK, Mass., Jan. 14, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), the leader in industrial machine vision, today announced the launch of the DataMan® 290 and 390 barcode readers. Thanks to innovative AI technology, these readers deliver reliable decoding performance across a broad range of manufacturing applications. In addition, by making setup and deployment easy and ...

These three stocks have game-changing megatrends behind them, which aren't always immediately apparent when first looking at the stocks. Here's the hidden growth potential in machine-vision company Cognex Corporation (CGNX 0.68%), positioning and workflow-technology company Trimble (TRMB 0.60%), and Delta Air Lines (DAL -0.26%), and why all three are great stocks to buy for 2025.AI and automation will drive demand for Cognex's machine-vision solutionsIt's not easy when customers in your three major end mark ...

NATICK, Mass., Nov. 11, 2024 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today announced that Rob Willett, President and Chief Executive Officer of Cognex, will present at the Baird 2024 Global Industrial Conference on Thursday, November 14, 2024, beginning at 10:05 a.m. Eastern Standard Time.Users can listen to a real-time audio broadcast, or an archived recording, on the Events & Presentations section of the Cognex Investor Relations website: http://www.cognex.com/investor.About Cognex CorporationCo ...

Cognex's (NASDAQ: CGNX ) business has shown signs of improvement in recent quarters, driven by the Moritex acquisition and its emerging customer initiative. Outside of this, the core business is still struggling, with automotive an area of particular weakness.Richard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by id ...