Cognex reports Q3 non-GAAP EPS 16c, consensus 14c

Reports Q3 revenue $197.24M, consensus $192.3M. “We delivered third quarter revenue, gross margin and operating expenses in line with our guidance,” said Robert Willett, CEO. “Business conditions continue to be difficult. The operating environment remains similar to what we saw last quarter across each of our end markets. While we manage through a challenging operating environment, we continue to stay focused on long-term growth and take important steps to execute our strategy. In the third quarter, we grew our served market as we entered two important adjacent markets – the vision sensor market with our In-Sight SnAPP Sensor launch and the optical components market through the acquisition of Moritex. These two initiatives expand our served market size by $1.5 billion, and are expected to represent strong, operating margin accretive growth areas for Cognex.”