Cognex Reports Results for the First Quarter of 2019
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“Our Q1 results were in line with our guidance and we set a new first-quarter revenue record,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “However, slower business conditions have dampened our expectations for growth in the near term. Nevertheless, our products are a key element of factory automation and logistics, which we believe are both growth markets, and we remain optimistic about Cognex’s future over the long term.”
“We continue to be encouraged by the increasing adoption of Cognex products in newer markets including logistics, which is now a more meaningful part of our revenue,” said Robert J. Willett, Chief Executive Officer of Cognex. “Overall, however, we expect to see a slight decline in revenue for 2019, primarily as a result of significantly lower revenue from consumer electronics amid an industry slowdown.”
“Our history shows that growth for Cognex is not linear; we’ve had ups and downs in the past driven by various external factors. This current slowdown will be temporary and does not change our positive view of the long-term potential for Cognex,” concluded Mr. Willett. |
