In Q2 of 2015, Cognex has achieved the highest revenue, net income, and earnings per share and the second highest for any quarter in the history of the company, according to new figures released by the Massachusetts-based machine vision company.
Revenue for Q2 2015 increased 56% over Q2 2014, going from $92.27 million to $143.82 million, while revenue increased 42% from Q1’s $101.37 million figure. Growth both year-on-year and sequentially came from Europe and Asia excluding Japan. Additionally, a notable contributor to growth was large orders from the consumer electronics industry.
"This was an outstanding quarter for Cognex," said Dr. Robert J. Shillman, Chairman of Cognex. "We reported the highest Q2 revenue, net income and earnings per share and the second highest for any quarter in our company's history. Revenue grew significantly on both a sequential and year-on-year basis, and our operating margin increased to 36%, compared to 22% in the prior quarter and 28% a year ago."
Robert J. Willett, CEO of Cognex, offered his thoughts, noting that in Q2, Cognex was able to recognize significant revenue from large opportunities that drove growth well above the 20% long-term target for factory automation. However, he looked cautiously toward the rest of the year.
"Based upon what we are hearing from our customers, we expect to see fewer large orders in the second half of this year. As a result, our revenue guidance for Q3 2015 is below both Q2 2015 and Q3 2014, as each of those quarters included substantial revenue from large projects. Our outlook is further dampened by the slower spending trends that we are currently experiencing in the Americas."
Had Cognex not sold its Surface Inspection Systems Division (SSID) to AMETEK, Inc, the revenue for Q2 would have been $155 million, with SSID accounting for $11.2 million in revenue in Q2 2015.
View the press release.
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James Carroll
Former VSD Editor James Carroll joined the team 2013. Carroll covered machine vision and imaging from numerous angles, including application stories, industry news, market updates, and new products. In addition to writing and editing articles, Carroll managed the Innovators Awards program and webcasts.