Cognex (CGNX) FY2019 results: revenue $726 million, down 10.0% on the year
Cognex Corp. (CGNX) reported revenue of $726 million for fiscal 2019, the year ended 31 December 2019, down 10.0% on the year before. Net income was $204 million, down 7.0%, and diluted earnings per share $1.16. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$726 million
-10.0% on the year
FY2012FY2019
Operating margin
19.7%
27.4% a year earlier
FY2012FY2019
Net income
$204 million
-7.0% on the year
FY2012FY2019
Diluted EPS
$1.16
-6.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
726
806
766
-10.0%
Cost of revenue
190
206
187
-7.9%
Gross profit
536
600
579
-10.7%
Gross margin
73.8%
74.4%
75.6%
Research and development
119
116
99.2
+2.6%
Selling, general and administrative
274
263
221
+4.2%
Operating income
143
221
259
-35.5%
Operating margin
19.7%
27.4%
33.8%
Pre-tax income
163
235
267
-30.5%
Income tax
-40.9
15.3
89.7
Effective tax rate
-25.1%
6.5%
33.6%
Net income
204
219
177
-7.0%
Net margin
28.1%
27.2%
23.1%
Diluted EPS
$1.16
$1.24
$0.98
-6.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
253
223
224
+13.3%
Capital expenditure
21.7
37.1
28.8
-41.4%
Free cash flow
231
186
196
+24.2%
Free cash flow margin
31.9%
23.1%
25.5%
Cash from investing
-157
-10.8
-106
Cash from financing
-32.2
-210
-100
Depreciation and amortisation
24.9
21.5
17.0
+15.6%
Share-based compensation
45.6
41.1
31.9
+10.9%
Buybacks
61.7
204
124
-69.7%
Dividends paid
35.1
31.9
29.0
+10.2%
Dividend per share
$0.20
$0.18
$0.17
+10.8%
Diluted shares, weighted
175m
177m
180m
-1.2%
Shares outstanding at period end
172m
171m
86m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,356
1,135
1,095
+19.4%
Debt
0.0
0.0
0.0
Operating lease liabilities
12.3
0.0
n/a
Other liabilities
518
154
193
+235.4%
Total liabilities and equity
1,886
1,290
1,288
+46.2%
Fixed assets
89.4
91.4
78.0
-2.1%
Goodwill
243
113
113
+115.0%
Intangible assets
39.5
10.1
10.1
+290.5%
Investments
674
689
721
-2.2%
Cash and equivalents
171
108
107
+58.4%
Receivables
103
119
119
-13.2%
Inventory
60.3
83.3
67.9
-27.6%
Other assets
504
74.9
71.2
+573.6%
Total assets
1,886
1,290
1,288
+46.2%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.