UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of
report (Date of earliest event reported): October 29, 2018
Cognex Corporation |
(Exact name of registrant as specified in charter) |
Massachusetts |
001-34218 |
04-2713778 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
One Vision Drive, Natick, Massachusetts |
01760-2059 |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: (508) 650-3000
N/A |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
Emerging growth company |
⃞ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
⃞ |
Item 2.02 Results of Operations and Financial Condition
On October 29, 2018, Cognex Corporation (the “Company”) issued a news
release to report its financial results for the quarter ended September
30, 2018. The release is furnished as Exhibit 99.1 hereto. The
information in Item 2.02 of this Current Report on Form 8-K, including
the Exhibit attached hereto, shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, nor shall it be
deemed to be incorporated by reference in any filing under the
Securities Act of 1933 or the Securities Exchange Act of 1934,
regardless of any general incorporation language in such filing.
Item
8.01 Other Events
On October 29, 2018, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on November 30, 2018 to all shareholders of record at the close of business on November 16, 2018. This dividend represents an increase of $0.005 per share, or 11%, over the $0.045 per share dividend paid in the prior quarter.
On October 29, 2018, the Company announced that its Board of Directors
has authorized the purchase of up to $200 million of the Company’s
common stock in open market transactions. This new authorization is in
addition to the $150 million stock repurchase program that was announced
by the Company on February 15, 2018, of which approximately $53 million
remains available as of the date of this Current Report on Form
8-K. Purchases under the new authorization can commence once the
Company completes the existing program and will be subject to market
conditions and other relevant factors. The Company may suspend or
discontinue the stock repurchase program at any time.
Item
9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
Description |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COGNEX CORPORATION |
||
|
||
Dated: |
October 29, 2018 |
By: /s/ John J. Curran |
John J. Curran |
||
Senior Vice President of Finance, |
||
Chief Financial Officer and |
||
Treasurer |
Exhibit 99.1
Cognex Reports Results for the Third Quarter of 2018
NATICK, Mass.--(BUSINESS WIRE)--October 29, 2018--Cognex Corporation (NASDAQ: CGNX) today announced financial results for the third quarter of 2018. Table 1 below shows selected financial data for Q3-18 compared with Q3-17 and Q2-18, and the first nine months of 2018 compared with the first nine months of 2017. All periods presented reflect the two-for-one stock split that occurred in Q4-17.
Table 1* (Dollars in thousands, except per share amounts) |
||||||||
Revenue |
Net Income |
Net Income |
Non-GAAP |
|||||
Quarterly Comparisons |
||||||||
Current quarter : Q3-18 | $232,221 | $80,436 | $0.45 | $0.39 | ||||
Prior year’s quarter: Q3-17 | $266,042 | $102,493 | $0.57 | $0.51 | ||||
Change: Q3-17 to Q3-18 | (13%) | (22%) | (21%) | (24%) | ||||
Prior quarter: Q2-18 |
$211,264 |
$56,196 | $0.32 | $0.31 | ||||
Change: Q2-18 to Q3-18 | 10% | 43% | 41% | 26% | ||||
Year-to-Date Comparisons |
||||||||
Nine months ended Sep. 30, 2018 | $613,052 | $173,849 | $0.98 | $0.88 | ||||
Nine months ended Oct. 1, 2017 | $583,161 | $204,459 | $1.14 | $0.98 | ||||
Change from first nine months of 2017 to first nine months of 2018 | 5% | (15%) | (14%) | (10%) |
* The financial results for all periods presented reflect the
retroactive adoption of a new revenue recognition standard (ASC 606,
“Revenue from Contracts with Customers”) that became effective on
January 1, 2018. This standard did not have a material impact on total
revenue. For a historical perspective, Exhibit 4 of this news release
includes the company’s quarterly Statement of Operations for 2017
adjusted for the impact of the new standard.
**Non-GAAP net income
per diluted share excludes tax adjustments. A reconciliation from GAAP
to Non-GAAP is shown in Exhibit 2 of this news release.
“Our results for Q3-18 were very good,” said Dr. Robert J. Shillman, Chairman of Cognex. “We reported the second-best quarterly revenue, net income and earnings per share from continuing operations in our company’s 37-year history. These results were surpassed only by our spectacular performance in last year’s third quarter, which was driven by exceptional growth across our business, particularly in our largest end market—consumer electronics.”
“I am pleased with the substantial revenue growth and operating margin expansion that we achieved on a sequential basis,” said Robert J. Willett, Chief Executive Officer of Cognex. “More importantly, we accomplished significant company objectives that are expected to set us up for long-term growth. These include successfully implementing our new Enterprise Resource Planning (ERP) system and passing a number of key product development milestones.”
Mr. Willett continued, “While we are pleased with our Q3-18 results, slower spending trends that we are experiencing in China have reduced our revenue outlook for Q4-18.”
In separate news releases issued today, Cognex announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on November 30, 2018 to all shareholders of record at the close of business on November 16, 2018. This dividend represents an increase of $0.005 per share, or 11%, over the $0.045 per share dividend paid in the prior quarter. In addition, the Board authorized the repurchase of up to $200 million of Cognex stock in open market transactions, subject to market conditions and other relevant factors. This new authorization will commence after Cognex completes an existing $150 million repurchase program, of which approximately $53 million remains available.
Details of the Quarter
Statement of Operations Highlights – Third Quarter of 2018
Balance Sheet Highlights – September 30, 2018
Financial Outlook – Q4 2018
This financial outlook reflects the new revenue recognition standard (ASC 606, “Revenue from Contracts with Customers”) that took effect on January 1, 2018. This standard did not have a material impact on total revenue. For a historical perspective, Exhibit 4 of this news release includes the company’s quarterly Statement of Operations for 2017 adjusted for the impact of the new standard.
Non-GAAP Financial Measures
Analyst Conference Call and Simultaneous Webcast
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.
Cognex is the world's leader in the machine vision industry, having shipped more than 1.5 million vision-based products, representing over $5 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe and Asia. For details visit Cognex online at www.cognex.com.
Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words “expects,” “anticipates,” “estimates,” “believes,” “projects,” “intends,” “plans,” “will,” “may,” “shall,” “could,” “should,” and similar words and other statements of a similar sense. These forward-looking statements, which include statements regarding business and market trends, future financial performance, customer order rates and timing of related revenue, expected areas of growth, new product introductions, research and development activities, Cognex’s stock repurchase program and further stock repurchases, investments, strategic plans and tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the loss of a large customer; (2) current and future conditions in the global economy, including the imposition of tariffs; (3) the reliance on revenue from the consumer electronics or automotive industries; (4) the inability to penetrate new markets; (5) the inability to achieve significant international revenue; (6) fluctuations in foreign currency exchange rates and the use of derivative instruments; (7) information security breaches or business system disruptions; (8) the inability to attract and retain skilled employees; (9) the failure to effectively manage our growth; (10) the reliance upon key suppliers to manufacture and deliver critical components for our products; (11) the failure to effectively manage product transitions or accurately forecast customer demand; (12) the inability to design and manufacture high-quality products; (13) the technological obsolescence of current products and the inability to develop new products; (14) the failure to properly manage the distribution of products and services; (15) the inability to protect our proprietary technology and intellectual property; (16) our involvement in time-consuming and costly litigation; (17) the impact of competitive pressures; (18) the challenges in integrating and achieving expected results from acquired businesses; (19) potential impairment charges with respect to our investments or for acquired intangible assets or goodwill; (20) exposure to additional tax liabilities; and (21) the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2017. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.
Exhibit 1
COGNEX CORPORATION |
||||||||||||||||||||
Three-months Ended | Nine-months Ended | |||||||||||||||||||
September 30, |
July 1, 2018 |
October 1, |
September 30, |
October 1, |
||||||||||||||||
Revenue (1) | $ | 232,221 | $ | 211,264 | $ | 266,042 | $ | 613,052 | $ | 583,161 | ||||||||||
Cost of revenue (1) | 58,860 | 54,169 | 68,061 | 153,227 | 142,757 | |||||||||||||||
Gross margin | 173,361 | 157,095 | 197,981 | 459,825 | 440,404 | |||||||||||||||
Percentage of revenue | 75 | % | 74 | % | 74 | % | 75 | % | 76 | % | ||||||||||
Research, development, and engineering expenses (1) | 29,700 | 26,888 | 26,078 | 87,664 | 72,225 | |||||||||||||||
Percentage of revenue | 13 | % | 13 | % | 10 | % | 14 | % | 12 | % | ||||||||||
Selling, general, and administrative expenses (1) | 65,817 | 66,752 | 61,054 | 196,266 | 160,093 | |||||||||||||||
Percentage of revenue | 28 | % | 32 | % | 23 | % | 32 | % | 27 | % | ||||||||||
Operating income | 77,844 | 63,455 | 110,849 | 175,895 | 208,086 | |||||||||||||||
Percentage of revenue | 34 | % | 30 | % | 42 | % | 29 | % | 36 | % | ||||||||||
Foreign currency (loss) | (379 | ) | (195 | ) | (127 | ) | (708 | ) | (574 | ) | ||||||||||
Investment and other income | 3,808 | 3,313 | 2,030 | 10,638 | 6,281 | |||||||||||||||
Income before income tax expense | 81,273 | 66,573 | 112,752 | 185,825 | 213,793 | |||||||||||||||
Income tax expense | 837 | 10,377 | 10,259 | 11,976 | 9,334 | |||||||||||||||
Net income | $ | 80,436 | $ | 56,196 | $ | 102,493 | $ | 173,849 | $ | 204,459 | ||||||||||
Percentage of revenue | 35 | % | 27 | % | 39 | % | 28 | % | 35 | % | ||||||||||
Earnings per weighted-average common and common-equivalent share (2): | ||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.33 | $ | 0.59 | $ | 1.01 | $ | 1.18 | ||||||||||
Diluted | $ | 0.45 | $ | 0.32 | $ | 0.57 | 0.98 | 1.14 | ||||||||||||
Weighted-average common and common-equivalent shares outstanding (2): | ||||||||||||||||||||
Basic | 172,189 | 172,370 | 173,234 | 172,613 | 173,052 | |||||||||||||||
Diluted | 177,245 | 177,149 | 179,354 | 178,021 | 179,124 | |||||||||||||||
Cash dividends per common share (2) | $ | 0.0450 | $ | 0.0450 | $ | 0.0425 | $ | 0.1350 | $ | 0.1225 | ||||||||||
Cash and investments per common share (2) | $ | 4.70 | $ | 4.39 | $ | 4.45 | $ | 4.70 | $ | 4.45 | ||||||||||
Book value per common share (2) | $ | 6.68 | $ | 6.27 | $ | 6.55 | $ | 6.68 | $ | 6.55 | ||||||||||
(1) Amounts include stock option expense, as follows: | ||||||||||||||||||||
Cost of revenue | $ | 544 | $ | 557 | $ | 520 | $ | 1,898 | $ | 1,404 | ||||||||||
Research, development, and engineering | 3,197 | 3,154 | 2,765 | 11,166 | 8,090 | |||||||||||||||
Selling, general, and administrative | 5,402 | 5,291 | 4,741 | 18,275 | 13,861 | |||||||||||||||
Total stock option expense | $ | 9,143 | $ | 9,002 | $ | 8,026 | $ | 31,339 | $ | 23,355 |
(2) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Exhibit 2
COGNEX CORPORATION |
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Three-months Ended | Nine-months Ended | ||||||||||||||||||||
September 30, |
July 1, 2018 |
October 1, |
September 30, |
October 1, |
|||||||||||||||||
Adjustment for stock option expense and tax benefit for stock option exercises | |||||||||||||||||||||
Operating income (GAAP) | $ | 77,844 | $ | 63,455 | $ | 110,849 | $ | 175,895 | $ | 208,086 | |||||||||||
Stock option expense | 9,143 | 9,002 | 8,026 | 31,339 | 23,355 | ||||||||||||||||
Operating income (Non-GAAP) | $ | 86,987 | $ | 72,457 | $ | 118,875 | $ | 207,234 | $ | 231,441 | |||||||||||
Percentage of revenue (Non-GAAP) | 37 | % | 34 | % | 45 | % | 34 | % | 40 | % | |||||||||||
Net income (GAAP) | $ | 80,436 | $ | 56,196 | $ | 102,493 | $ | 173,849 | $ | 204,459 | |||||||||||
Stock option expense | 9,143 | 9,002 | 8,026 | 31,339 | 23,355 | ||||||||||||||||
Tax effect on stock option expense | (1,654 | ) | (1,607 | ) | (2,639 | ) | (5,608 | ) | (7,661 | ) | |||||||||||
Discrete tax benefit related to employee stock option exercises | (2,811 | ) | (654 | ) | (8,620 | ) | (8,400 | ) | (27,574 | ) | |||||||||||
Net income (Non-GAAP) | $ | 85,114 | $ | 62,937 | $ | 99,260 | $ | 191,180 | $ | 192,579 | |||||||||||
Percentage of revenue (Non-GAAP) | 37 | % | 30 | % | 37 | % | 31 | % | 33 | % | |||||||||||
Net income per diluted weighted-average common and common-equivalent share (GAAP) (1) | $ | 0.45 | $ | 0.32 | $ | 0.57 | $ | 0.98 | $ | 1.14 | |||||||||||
Share impact of non-GAAP adjustments identified above (1) | 0.03 | 0.04 | (0.02 | ) | 0.09 | (0.06 | ) | ||||||||||||||
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) (1) | $ | 0.48 | $ | 0.36 | $ | 0.55 | $ | 1.07 | $ | 1.08 | |||||||||||
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) (1) | 177,245 | 177,149 | 179,354 | 178,021 | 179,124 | ||||||||||||||||
Exclusion of tax adjustments | |||||||||||||||||||||
Income before income tax expense (GAAP) | $ | 81,273 | $ | 66,573 | $ | 112,752 | $ | 185,825 | $ | 213,793 | |||||||||||
Income tax expense (GAAP) | $ | 837 | $ | 10,377 | $ | 10,259 | $ | 11,976 | $ | 9,334 | |||||||||||
Effective tax rate (GAAP) | 1 | % | 16 | % | 9 | % | 6 | % | 4 | % | |||||||||||
Tax adjustments: | |||||||||||||||||||||
Discrete tax benefit related to employee stock option exercises | (2,811 | ) | (654 | ) | (8,620 | ) | (8,400 | ) | (27,574 | ) | |||||||||||
Discrete tax benefit related to Tax Act | (7,699 | ) | — | — | (7,699 | ) | — | ||||||||||||||
Other discrete tax events | (1,657 | ) | — | (1,765 | ) | (1,657 | ) | (1,908 | ) | ||||||||||||
Income tax expense excluding tax adjustments (Non-GAAP) | $ | 13,004 | $ | 11,031 | $ | 20,644 | $ | 29,732 | $ | 38,816 | |||||||||||
Effective tax rate (Non-GAAP) | 16 | % | 17 | % | 18 | % | 16 | % | 18 | % | |||||||||||
Net income excluding tax adjustments (Non-GAAP) | $ | 68,269 | $ | 55,542 | $ | 92,108 | $ | 156,093 | $ | 174,977 | |||||||||||
Percentage of revenue (Non-GAAP) | 29 | % | 26 | % | 35 | % | 25 | % | 30 | % | |||||||||||
Net income per diluted weighted-average common and common-equivalent share (GAAP) (1) | $ | 0.45 | $ | 0.32 | $ | 0.57 | $ | 0.98 | $ | 1.14 | |||||||||||
Share impact of non-GAAP adjustments identified above (1) | (0.06 | ) | (0.01 | ) | (0.06 | ) | (0.10 | ) | (0.16 | ) | |||||||||||
Net income per diluted weighted-average common and common-equivalent share (Non-GAAP) (1) | $ | 0.39 | $ | 0.31 | $ | 0.51 | $ | 0.88 | $ | 0.98 | |||||||||||
Diluted weighted-average common and common-equivalent shares outstanding (GAAP) (1) | 177,245 | 177,149 | 179,354 | 178,021 | 179,124 |
(1) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Exhibit 3
COGNEX CORPORATION |
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September 30, 2018 | December 31, 2017 | |||||
Assets | ||||||
Cash and investments | $ | 809,316 | $ | 827,984 | ||
Accounts receivable | 135,441 | 119,388 | ||||
Unbilled revenue | 13,948 | 7,454 | ||||
Inventories | 94,035 | 67,923 | ||||
Property, plant, and equipment | 88,930 | 78,048 | ||||
Goodwill and intangible assets | 124,090 | 126,397 | ||||
Other assets | 58,936 | 60,559 | ||||
Total assets | $ | 1,324,696 | $ | 1,287,753 | ||
Liabilities and Shareholders' Equity | ||||||
Accounts payable and accrued expenses | $ | 88,927 | $ | 91,712 | ||
Deferred revenue and customer deposits | 13,252 | 9,420 | ||||
Income taxes | 67,599 | 85,044 | ||||
Other liabilities | 5,474 | 5,904 | ||||
Shareholders' equity | 1,149,444 | 1,095,673 | ||||
Total liabilities and shareholders' equity | $ | 1,324,696 | $ | 1,287,753 | ||
Exhibit 4
COGNEX CORPORATION |
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Three-months Ended | ||||||||||||||||
April 2, |
July 2, |
October 1, |
December 31, |
|||||||||||||
Revenue | $ | 139,039 | $ | 178,080 | $ | 266,042 | $ | 182,922 | ||||||||
Cost of revenue | 32,532 | 42,164 | 68,061 | 44,532 | ||||||||||||
Gross margin | 106,507 | 135,916 | 197,981 | 138,390 | ||||||||||||
Percentage of revenue | 77 | % | 76 | % | 74 | % | 76 | % | ||||||||
Research, development, and engineering expenses | 22,770 | 23,377 | 26,078 | 26,980 | ||||||||||||
Percentage of revenue | 16 | % | 13 | % | 10 | % | 15 | % | ||||||||
Selling, general, and administrative expenses | 46,521 | 52,518 | 61,054 | 60,635 | ||||||||||||
Percentage of revenue | 33 | % | 29 | % | 23 | % | 33 | % | ||||||||
Operating income | 37,216 | 60,021 | 110,849 | 50,775 | ||||||||||||
Percentage of revenue | 27 | % | 34 | % | 42 | % | 28 | % | ||||||||
Foreign currency (loss) | (263 | ) | (184 | ) | (127 | ) | (1,027 | ) | ||||||||
Investment and other income | 2,282 | 1,969 | 2,030 | 2,923 | ||||||||||||
Income before income tax expense | 39,235 | 61,806 | 112,752 | 52,671 | ||||||||||||
Income tax expense (benefit) | (6,236 | ) | 5,311 | 10,259 | 80,418 | |||||||||||
Net income (loss) | $ | 45,471 | $ | 56,495 | $ | 102,493 | $ | (27,747 | ) | |||||||
Percentage of revenue | 33 | % | 32 | % | 39 | % | (15 | )% | ||||||||
Earnings per weighted-average common and common-equivalent share (1): | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.33 | $ | 0.59 | $ | (0.16 | ) | |||||||
Diluted | $ | 0.25 | $ | 0.32 | $ | 0.57 | $ | (0.16 | ) | |||||||
Weighted-average common and common-equivalent shares outstanding (1): | ||||||||||||||||
Basic | 172,646 | 173,278 | 173,234 | 173,397 | ||||||||||||
Diluted | 178,354 | 179,228 | 179,354 | 173,397 |
(1) Prior periods share and per share amounts have been adjusted to reflect the 2-for-1 stock split of the Company's common stock that occurred in the fourth quarter of 2017.
Adjustments to certain financial data as a result of the implementation of ASC 606 "Revenue from Contracts with Customers on Jan. 1 2018" |
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Three-months Ended | ||||||||||||||||
April 2, |
July 2, |
October 1, |
December 31, |
|||||||||||||
Revenue as reported | $ | 134,942 | $ | 172,904 | $ | 259,739 | $ | 180,365 | ||||||||
Adjustments to revenue | 4,097 | 5,176 | 6,303 | 2,557 | ||||||||||||
Revenue as restated | $ | 139,039 | $ | 178,080 | $ | 266,042 | $ | 182,922 | ||||||||
Cost of revenue as reported | 28,225 | 37,471 | 62,360 | 40,642 | ||||||||||||
Adjustments to cost of revenue | 4,307 | 4,693 | 5,701 | 3,890 | ||||||||||||
Cost of revenue as restated | $ | 32,532 | $ | 42,164 | $ | 68,061 | $ | 44,532 | ||||||||
Gross margin as reported | $ | 106,717 | $ | 135,433 | $ | 197,379 | $ | 139,723 | ||||||||
Adjustments to gross margin | (210 | ) | 483 | 602 | (1,333 | ) | ||||||||||
Gross margin as restated | $ | 106,507 | 135,916 | $ | 197,981 | $ | 138,390 | |||||||||
Gross margin percentage as reported | 79 | % | 78 | % | 76 | % | 77 | % | ||||||||
Adjustments to gross margin percentage | (2 | )% | (2 | )% | (2 | )% | (1 | )% | ||||||||
Gross margin percentage as restated | 77 | % | 76 | % | 74 | % | 76 | % | ||||||||
Operating income as reported | $ | 37,426 | $ | 59,538 | $ | 110,247 | $ | 52,108 | ||||||||
Adjustments to operating income | (210 | ) | 483 | 602 | (1,333 | ) | ||||||||||
Operating income as restated | $ | 37,216 | $ | 60,021 | $ | 110,849 | $ | 50,775 | ||||||||
Operating margin as reported | 28 | % | 34 | % | 42 | % | 29 | % | ||||||||
Adjustments to operating margin | (1 | )% | — | % | — | % | (1 | )% | ||||||||
Operating margin as restated | 27 | % | 34 | % | 42 | % | 28 | % |
CONTACT:
Cognex Corporation
Susan Conway, 508-650-3353
Senior
Director of Investor Relations
susan.conway@cognex.com