Cognex Corporation Earnings Review

On the face of it, the record third-quarter earnings report from machine vision company Cognex (NASDAQ:CGNX) was little short of sensational. A combination of nearly 80% revenue growth and an around 90% increase in net income from continuing operations would normally be enough to thrill investors, but Cognex's management had already prepared them for a "monster" quarter.

In reality, the takeaways from the quarter are more nuanced than just the headline numbers, so let's take a closer look at them.

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Cognex Corporation Earnings Review

Investors in Cognex Corporation (NASDAQ:CGNX) are getting used to their company blasting past its own guidance, and the recent results proved no exception. The solid set of fourth-quarter earnings capped off a very good year for the company, and management served notice that 2017 could be even stronger. Let's take a look at the details and commentary from the earnings presentation

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Why the Market Values These Two Stocks So Highly

Machine vision company Cognex Corporation and security products manufacturer Allegion both have stocks that trade at a premium to the market and to their peer group. As you can see below, both stocks trade above a clutch of companies exposed to industrial automation and/or construction spending. Let's take a look at why.

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Cognex Corporation Earnings Review

For the fourth quarter in a row, machine-vision company Cognex Corporation's  revenue growth exceeded management's expectations. In a nutshell, Cognex is seeing stronger growth in consumer electronics than originally expected at the start of the year. It all adds up to a strong year for the company, during which management has managed to outperform a struggling industrial automation market while expanding the Total Addressable Market (TAM) of its machine-vision solutions. For a closer look, let's take a closer look at the third-quarter results.

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Cognex Corporation Earnings Review

Machine vision company Cognex Corporation  released guidance that trumped earnings, with management signaling more growth to come. As ever with relatively young and fast-growing companies, Cognex's growth rate will fluctuate, but right now performance is ahead of expectations. Moreover, management is doing a good job of opening up new markets. Let's take a look at what happened in the quarter.

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Cognex Corpration Earnings Preview

Results from machine vision company Cognex Corporation (NASDAQ:CGNX) are rarely short of surprises, so it's worth taking a step back and preparing yourself for what's about to come. As ever with small companies in their high-growth phase, revenue and orders can be highly volatile, so let's take a closer look at three things to look out for when Cognex reports second-quarter earnings on Aug. 1.

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Cognex Corporation Earnings Analysis

Machine vision company Cognex Corporation's (NASDAQ:CGNX) first-quarter results easily beat management's guidance, and the forecast for the second quarter indicates a strong start to 2016. Despite management taking a cautionary tone on full-year prospects in Monday's earnings report, the market took the stock up as much as 20% in Tuesday's trading, and it was up 17% around 2:20 p.m. EDT. Let's take a look at the results from the quarter.

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Cognex Corporation Stock Analysis

COGNEX HAS HIGH HOPES FOR ITS MOBILE TERMINAL. IMAGE SOURCE: COGNEX CORPORATION. 

Machine vision company Cognex Corporation's (NASDAQ:CGNX) first-quarter results easily beat management's guidance, and the forecast for the second quarter indicates a strong start to 2016. Despite management taking a cautionary tone on full-year prospects in Monday's earnings report, the market took the stock up as much as 20% in Tuesday's trading, and it was up 17% around 2:20 p.m. EDT. Let's take a look at the results from the quarter.

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Cognex Corporation Earnings Preview

What to expect from Cognex Corporation's upcoming first-quarter results on May 2? In a simple world, we would be able to pencil in a series of assumptions based on global manufacturing trends and quickly conclude that Cognex is heading for the kind of OK-ish quarter reported by others in the industrial sector so far. 

But we don't live in a simple investing world. In reality, Cognex has a number of positive and negative stock-specific factors governing its earnings in 2016. Let's take a look at three of them.

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Cognex Corporation Earnings Analysis

Machine vision company Cognex Corporation  delivered a pretty good fourth-quarter earnings report under the conditions of a deteriorating industrial economy. Management's commentary and guidance were muted -- probably a good thing after a year in which Cognex's second-half growth proved a lot less than it had expected at the start of 2015. Let's take a look at the results and what to expect in 2016.

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Cognex Corporation Earnings Analysis

The manufacturing sector faces a difficult start to 2016, but companies with secular growth prospects like Cognex Corporation (NASDAQ:CGNX) have the capability to buck the trend. Its machine vision solutions are a facet of the increasing usage of industrial automation and robotics in manufacturing. That said, the company faces an uncertain 2016. Let's take a look at what to expect from its upcoming results on Feb. 10.

CGNX data by YCharts.

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Cognex Corporation Not Immune From Industrial Economy

s has been the case with many industrial companies, Cognex  reported slowing conditions in its markets in the third quarter. Moreover, management gave soft guidance for the fourth quarter and cautioned investors against too much near-term optimism. On the other hand, management still views Cognex has a long-term growth business, so let's take a closer look at what exactly happened in the third quarter.


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What Went Wrong With Cognex Corporation in 2015?

It's always punishing when growth stocks fail to live up to expectations, and investors in machine vision company Cognex  certainly weren't spared a sharp fall after it disappointed investors with its guidance at the time of the second-quarter results. However, since then the stock has recovered some lost ground. What exactly went wrong in 2015? And is it symptomatic of a deeper underlying problem?


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Cognex Corporation Earnings Analysis

Cognex Corporation delivered a solid set of results for its second quarter, but its guidance for the third quarter was nothing less than a disappointment. In short, management's expectations for revenue fell significantly short of expectations. The news is all the more disconcerting because the company has been taking steps to gear up for growth in precisely the kind of orders and revenue that won't be appearing in the third quarter. What went wrong?


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Cognex Corporation Growth Prospects

Investors in machine vision specialist Cognex Corporation  have gotten used to seeing the company exceed expectations, and the recent first-quarter results were no exception. In a previous article on Cognex, I outlined seven key things to look out for, and the company managed to report favorably on most of them. Let's look at them in more detail and learn more about Cognex's prospects.


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Cognex Corporation Earnings Preview

It's been a strong year for machine vision company Cognex Corporation (NASDAQ:CGNX), with the stock up around 24% in 2015. Investors eagerly await the forthcoming first-quarter results, due at the start of May, for confirmation of the company's positive sales trajectory. Let's review the key metrics to look for and explain what they mean in the context of the company's long-term development, a key part of which will be the replication of the kind of large deal it has with Apple Inc.


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