Cognex falls after downbeat Q1 forecast, Q4 results miss estimate

Cognex

17/02/2023 12:00

** Shares of machine vision components and software maker
Cognex  CGNX.O  down 6.47% at $51.73 premarket 
    ** Stock on track to open at its lowest in nearly three
weeks, if losses hold
    ** Cognex sees Q1 FY23 rev in range of $180 mln to 200 mln
vs analysts' consensus forecast of $226.5 mln - Refinitiv
    ** Co says forecasts represent a decline both YoY and
sequentially due to lower rev from a few large e-commerce
customers and broader economic softness 
    ** Reports Q4 adj EPS of 27 cents, missing analysts'
expectations of 32 cents
    ** Reports lesser-than-expected Q4 rev of $239.4 mln vs Wall
Street's consensus of $245.7 mln
    ** CEO Robert Willett says co navigating through a
challenging business environment, a few of co's largest
e-commerce customers have paused investments
    ** "At the end of 2022, we observed slower trends across our
broader factory automation business, and we have seen this carry
into the beginning of 2023," says Willett
    ** Up to last close, stock had risen 17.4% YTD; stock lost
39.4% of its value in 2022
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))