Stock Monitor: Electro-Sensors Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 27, 2018 / Active-Investors.com has just released a free earnings report on Cognex Corp. (NASDAQ: CGNX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CGNX. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 15, 2018. The maker of barcode readers and machine vision sensors delivered better than expected revenues, while its earnings were in-line with market estimates. Additionally, the Company provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cognex most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Cognex reported record revenues of $180.37 million, up 39% compared to $129.32 million in Q4 2016. The Company's revenue numbers beat analysts' estimates by $1.6 million.
For the full year FY17, Cognex achieved record revenues of $747.95 million, up 44% compared to $520.75 million in FY16.
During Q4 2017, Cognex's gross margin was 77% compared to 79% in Q4 2016. The Company's research, development, and engineering (RD&E) expenses increased 39% to $26.98 million on a y-o-y basis in the reported quarter compared to $19.44 million in the prior year's same quarter, attributed to additional engineering resources and product development costs.
For Q4 2017 Cognex's selling, general, and administrative expenses (SG&A) increased 41% to $60.64 million on a y-o-y basis compared to $42.99 million in Q4 2016, due to investments in sales resources and higher employee-related costs, including commissions and travel.
Cognex's investment and other income was $2.92 million in Q4 2017 compared to $2.48 million in Q4 2016. The Company's investment income increased because of higher yields and a higher average invested balance.
For Q4 2017, Cognex reported a net loss of $26.90 million, or $0.16 loss per diluted share, compared to a net income of $38.52 million, or $0.22 per diluted share, in Q4 2016. In the reported quarter, the Tax Cuts and Jobs Act 2017 (TCJA) resulted in a one-time charge to tax expense of $83 million, or $0.46 per share. On an adjusted basis, the Company delivered earnings per share (EPS) of $0.25, up 20% versus $0.20 in the year earlier comparable quarter. Cognex's EPS met Wall Street's estimates of $0.25.
In FY17, Cognex recorded earnings of $177.18 million, or $0.99 per share, compared to $149.83 million, or $0.86 per share, in FY16. The Company's results for FY17 included a one-time charge to tax expense of $83 million, or $0.46 per share, related to the TCJA. On an adjusted basis, Cognex posted EPS of $1.22, up 54% compared to $0.79 in FY16.
As of December 31, 2017, Cognex had $828 million in cash and investments and no debt. The Company's cash and investments increased by $83 million on a y-o-y basis, primarily as a result of $224 million in cash generated from operations and $55 million in cash received from the exercise of employee stock options. Cognex's cash outflows included $124 million spent to repurchase its common stock; $29 million in dividends paid to shareholders; $29 million for capital expenditure; and $26 million for acquisitions.
In a separate press release on February 15, 2018, Cognex announced that its Board of Directors has authorized the purchase of up to $150 million of its common stock in open market transactions, subject to market conditions and other relevant factors. This new authorization will commence after Cognex completes an existing $100 million repurchase program, of which approximately $45 million remains available.
For the first quarter of the fiscal year 2018, Cognex is forecasting revenues to be between $165 million and $175 million, which represents a growth of between 19% and 26% on a y-o-y basis. The Company is estimating gross margin to be in the mid-70% range, while operating expenses are expected to increase by mid-single digits on a sequential basis, primarily due to Cognex's investments in engineering and sales.
Stock Performance Snapshot
March 26, 2018 - At Monday's closing bell, Cognex's stock climbed 2.46%, ending the trading session at $54.05.
Volume traded for the day: 1.79 million shares.
Stock performance in the past twelve-month period – up 34.45%
After yesterday's close, Cognex's market cap was at $9.62 billion.
Price to Earnings (P/E) ratio was at 54.87.
The stock has a dividend yield of 0.33%.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry. This sector was up 3.0% at the end of the session.
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