Cognex (CGNX) Q4 FY2023 earnings: revenue $197 million, down 17.9% on the year

Cognex Corp. (CGNX) reported revenue of $197 million for Q4 FY2023, the quarter ended 31 December 2023, down 17.9% on the same quarter a year earlier. Net income was $11 million, down 79.7% on the year, and diluted earnings per share $0.06. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$197 milliondown 17.9%

Net income$11 milliondown 79.7%

Diluted EPS$0.06

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	197	197	n/a	n/a
Cost of revenue	61.6	54.5	n/a	n/a
Gross profit	135	143	n/a	n/a
Gross margin	68.7%	72.4%	n/a
Research and development	34.7	32.6	n/a	n/a
Selling, general and administrative	90.4	82.3	n/a	n/a
Operating income	12.7	30.6	n/a	n/a
Operating margin	6.5%	15.5%	n/a
Pre-tax income	14.4	27.0	n/a	n/a
Income tax	3.1	8.1	n/a	n/a
Effective tax rate	21.8%	29.9%	n/a
Net income	11.2	18.9	n/a	n/a
Net margin	5.7%	9.6%	n/a
Diluted EPS	$0.06	$0.11	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	14.5	41.0	n/a	n/a
Capital expenditure	7.0	5.9	n/a	n/a
Free cash flow	7.5	35.2	n/a	n/a
Free cash flow margin	3.8%	17.8%	n/a
Cash from investing	-179	200	n/a	n/a
Cash from financing	-33.0	-21.9	n/a	n/a
Depreciation and amortisation	6.9	5.1	n/a	n/a
Share-based compensation	13.2	12.4	n/a	n/a
Buybacks	20.2	10.5	n/a	n/a
Dividends paid	12.9	12.0	n/a	n/a
Dividend per share	$0.07	$0.07	n/a	n/a
Diluted shares, weighted	173m	173m	n/a	n/a
Shares outstanding at period end	172m	172m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,505	1,489	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	69.0	60.5	n/a	n/a
Other liabilities	444	441	n/a	n/a
Total liabilities and equity	2,018	1,990	n/a	n/a
Fixed assets	106	83.0	n/a	n/a
Goodwill	393	241	n/a	n/a
Intangible assets	113	10.0	n/a	n/a
Investments	374	450	n/a	n/a
Cash and equivalents	203	396	n/a	n/a
Receivables	114	131	n/a	n/a
Inventory	162	134	n/a	n/a
Other assets	553	546	n/a	n/a
Total assets	2,018	1,990	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	197	197	211	239	235	230	216	249	277	252	268	291
Cost of revenue	54.5	61.6	68.9	72.7	75.3	71.8	71.7	81.2	89.6	86.4	77.5	85.5
Gross profit	143	135	142	167	159	158	144	168	187	166	191	206
Gross margin	72%	69%	67%	70%	68%	69%	67%	67%	68%	66%	71%	71%
R&D	32.6	34.7	37.1	35.0	35.2	32.5	34.7	33.1	35.1	36.1	37.0	32.4
SG&A	82.3	90.4	90.6	93.2	92.6	94.5	83.5	91.3	94.4	94.6	94.0	87.9
Operating income	30.6	12.7	14.2	38.5	31.6	30.8	26.1	43.4	57.8	35.3	59.9	85.5
Operating margin	16%	6%	7%	16%	13%	13%	12%	17%	21%	14%	22%	29%
Pre-tax income	27.0	14.4	17.6	41.6	36.6	35.8	27.8	48.1	62.9	44.1	61.8	89.3
Tax rate	30%	22%	32%	13%	19%	21%	15%	16%	72%	26%	16%	19%
Net income	18.9	11.2	12.0	36.2	29.6	28.3	23.6	40.5	17.7	32.7	51.7	72.8
Net margin	10%	6%	6%	15%	13%	12%	11%	16%	6%	13%	19%	25%
Diluted EPS	$0.11	$0.06	$0.07	$0.21	$0.17	$0.16	$0.14	$0.24	$0.10	$0.19	$0.31	$0.43
Operating cash flow	41.0	14.5	13.6	27.8	56.3	51.4	40.5	42.6	87.5	74.9	45.1	69.2
Capital expenditure	5.9	7.0	4.1	4.5	4.4	2.1	2.5	2.2	1.5	2.6	2.8	1.5
Free cash flow	35.2	7.5	9.6	23.3	51.9	49.3	38.0	40.4	86.0	72.3	42.3	67.6
Buybacks	10.5	20.2	9.3	10.5	4.0	43.2	102	0.0	24.0	25.0	99.0	6.2
Dividends paid	12.0	12.9	12.9	12.9	12.9	13.7	13.6	13.4	13.4	14.2	14.2	14.3
Shares outstanding	172m	172m	172m	172m	172m	170m	168m	168m	168m	167m	167m	168m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0000851205-24-000027: the filing on EDGAR. All of Cognex Corp.'s filings: EDGAR company page.

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