Cognex Q2 earnings flat; stock gains

Cognex Corporation (CGNX), a machine vision technology company, reported flat earnings for the second quarter. The company’s stock gained after the announcement.

Second-quarter net income was $56.2 million or $0.32 per share, broadly unchanged from $56.5 million or $0.32 per share recorded in the same period last year. On an adjusted basis, earnings increased to $0.31 per share from $0.28 per share last year. Revenues increased 17% annually to $211.26 million during the three-month period.

“Opportunities for machine vision in our other served markets continue to grow rapidly, and because of that, we plan to go on investing strongly in new product development and sales resources to position ourselves for success over the long term,” said CEO Robert Willett.

For the third quarter, the company expects revenues in the range of $220 million to $230 million and gross margin in the mid-70% range. Operating expenses are expected to be flat on a sequential basis.

Cognex shares, which traded lower throughout Monday’s regular session, gained around 2% in the extended session following the earnings release.