Following a record-breaking second quarter of 2017, Cognex has once again set a new high in terms of quarterly revenue, net income, and earnings per share from continuing operations in the third quarter of the year.
Last quarter, Cognex saw revenue of $172.9 million, which came in above the guidance range of $165 million to $172 million. Revenue grew 17% from Q2 in 2016 and 28% from Q1 in 2017, as well. At this time, Cognex forecasted that its third quarter was expected to be in the $250 to $260 million range, which represented a substantial increase both year-over-year, and sequentially due to higher anticipated revenue from the consumer electronics industry.
At $259.7 million, this guidance from Cognex was spot on. This is up 76% from Q3 2016, which came in at $147.9 million, and up 50% from Q2 2017, which came in at $172.9 million. Net income from continuing operations is up a staggering 91%, with Q3 17 coming in at $102.3 million, up from $53.6 million the year prior. Additionally, earnings per diluted share are up from $0.61 in Q3 16 to $1.14 in Q3 17.
"What a spectacular quarter!" commented Dr. Robert J. Shillman, Founder and Chairman of Cognex. "Cognex reported record-breaking revenue, net income and earnings per share that far exceeded the prior records set just last quarter. And we were extremely profitable, with operating margin expanding to a record 42% driven by significant high-margin revenue growth. I am proud of Cognoids everywhere for delivering such impressive results."
Robert J. Willett, CEO of Cognex, also commented: "Our ability to capitalize on the widespread adoption of machine vision is the result of many years of hard work by Cognoids around the world. It's gratifying to see our efforts deliver such exceptional results. Our view of the future continues to be positive as more automation processes that include machine vision are needed to perform an increasing array of complex manufacturing tasks. We are investing to take advantage of the substantial potential that we see for our company going forward."
Looking at Q4, Cognex expects revenue in the range of $170 million to $180 million. While this represents a decline due to the timing of large orders from the consumer electronics industry, wrote the company, it still represents expected growth exceeding 30% year-over-year.
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