Cognex (CGNX) FY2014 results: revenue $426 million, up 38.6% on the year
Cognex Corp. (CGNX) reported revenue of $426 million for fiscal 2014, the year ended 31 December 2014, up 38.6% on the year before. Net income was $121 million, up 65.1%, and diluted earnings per share $0.68. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2015.
Revenue
$426 million
+38.6% on the year
FY2008FY2014
Operating margin
30.0%
25.0% a year earlier
FY2008FY2014
Net income
$121 million
+65.1% on the year
FY2008FY2014
Diluted EPS
$0.68
+63.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
426
308
324
+38.6%
Cost of revenue
94.1
62.9
79.5
+49.6%
Gross profit
332
245
245
+35.8%
Gross margin
77.9%
79.6%
75.5%
Research and development
55.8
44.3
41.5
+26.0%
Selling, general and administrative
149
124
120
+20.4%
Operating income
128
76.9
83.4
+66.2%
Operating margin
30.0%
25.0%
25.7%
Pre-tax income
132
78.5
86.6
+67.9%
Income tax
20.9
11.3
18.5
+85.5%
Effective tax rate
15.9%
14.4%
21.4%
Net income
121
73.6
68.1
+65.1%
Net margin
28.5%
23.9%
21.0%
Diluted EPS
$0.68
$0.41
$0.39
+63.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
164
95.5
101
+71.6%
Capital expenditure
20.9
9.6
9.9
+117.4%
Free cash flow
143
85.8
91.3
+66.5%
Free cash flow margin
33.5%
27.9%
28.1%
Cash from investing
-104
-88.1
-38.9
Cash from financing
-42.7
-12.5
-45.2
Depreciation and amortisation
12.5
11.1
10.9
+12.3%
Share-based compensation
15.2
10.6
8.5
+42.7%
Buybacks
59.7
47.9
0.0
+24.6%
Dividends paid
0.0
0.0
66.2
Dividend per share
$0.00
$0.00
$0.39
Diluted shares, weighted
178m
178m
175m
+0.2%
Shares outstanding at period end
173m
174m
172m
-0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
736
644
572
+14.4%
Other liabilities
85.3
65.8
55.3
+29.7%
Total liabilities and equity
822
710
628
+15.8%
Fixed assets
46.0
37.1
34.8
+23.8%
Goodwill
77.4
81.7
81.7
-5.3%
Intangible assets
9.7
14.7
14.8
-34.3%
Investments
491
414
343
+18.5%
Trading assets
n/a
1.4
n/a
Cash and equivalents
55.7
40.6
45.2
+37.0%
Receivables
40.1
53.0
42.4
-24.4%
Inventory
29.2
25.7
26.2
+13.7%
Other assets
72.4
40.9
39.2
+77.2%
Total assets
822
710
628
+15.8%
10-K for the year ended 31 December 2014, filed 12 February 2015: the filing.