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Cognex, the Natick, Mass.-based supplier of machine imaginative and prescient programs generally utilized in automation functions, reported document income of $285 million within the third quarter of 2021. This marked a rise of 13% from the third quarter of 2020 and 6% from the second quarter of 2021.
Cognex stated that, as anticipated, progress in logistics, automotive, and different markets on a year-on-year foundation was considerably offset by decrease income from clients in shopper electronics.
“We’re happy to report the best quarterly income in our firm’s 40-year historical past, surpassing the prior document set final quarter,” stated Robert Willett, CEO, Cognex. “We had been additionally extremely worthwhile and reported an working margin of 31%, which is above our 30% long-term goal. And we had been capable of accomplish these achievements whereas working in a really difficult provide atmosphere.”
Logistics was once more Cognex’s largest finish market in Q3 and the largest progress driver. It reported one other document income quarter in logistics, beating the prior document set final quarter. Cognex stated demand continues to be robust, notably within the e-commerce sector the place Cognex is acknowledged as a frontrunner in machine imaginative and prescient. Cognex famous that e-commerce and omnichannel retailers are persevering with to spend money on automation.
Waiting for This autumn 2021, Cognex stated it anticipates income will likely be between $210-$230 million, which is roughly flat on the mid-point in contrast with a high-growth quarter reported in This autumn 2020. Like many different corporations, Cognex stated provide points have gotten a difficulty.
“In regard to produce, we consider we now have been managing international chip shortages comparatively properly to this point,” stated Willett. “Nonetheless, the constraints are starting to carry again income progress and drive value will increase extra noticeably. Demand from clients is excessive and assembly their wants stays our high precedence as we work by means of this case.”
Regardless of the provision points, Cognex stated a number of macro developments will proceed to profit the corporate for the foreseeable future. These embody the rise of e-commerce, the transition to electrical autos and the shortening of provide chains, in addition to value strain and labor shortages which might be growing the adoption of automation.
You may learn Cognex’s Q3 2021 quarterly earnings report right here, watch the webcast right here, or learn a transcript of the earnings name right here.
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