Cognex Corporation reported significant financial results for the three and nine months ended September 29, 2024, reflecting a robust performance driven by strategic developments and market conditions. For the third quarter of 2024, the company achieved revenue of $234.7 million, a 19% increase from $197.2 million in the same period of 2023. Year-to-date revenue also rose to $684.8 million, up 7% from $640.9 million in the prior year. The growth was attributed to the acquisition of Moritex Corporation, increased demand from the logistics and semiconductor sectors, and favorable timing in consumer electronics deployments.
Gross margin for the third quarter was $159.4 million, representing a 12% increase from $142.8 million in Q3 2023, although the gross margin percentage declined to 68% from 72% due to lower margins from Moritex products and competitive pricing pressures. Operating income for the third quarter was $31.6 million, slightly up from $30.6 million in the previous year, but operating income as a percentage of revenue decreased to 13% from 16%. For the nine-month period, operating income fell to $84.2 million from $118.0 million in 2023.
Net income for the third quarter was $29.6 million, or $0.17 per diluted share, compared to $18.9 million, or $0.11 per diluted share, in Q3 2023. However, net income for the nine-month period decreased to $77.8 million from $102.0 million in the prior year. The effective tax rate for both the three and nine-month periods was 19%, compared to 30% and 16% in the same periods of 2023.
Cognex's total assets increased to $2.06 billion as of September 29, 2024, from $2.02 billion at the end of 2023. Cash and cash equivalents decreased to $197.1 million from $202.7 million, while current investments fell to $90.8 million from $129.4 million. The company reported a total shareholders' equity of $1.57 billion, up from $1.50 billion at the end of 2023.
Strategically, Cognex completed the acquisition of Moritex Corporation on October 18, 2023, for approximately $270 million, which contributed to about 10% of total revenue in Q3 2024. The company also continued its stock repurchase program, having repurchased 555,000 shares for $23.8 million during the nine-month period ended September 29, 2024, with a remaining authorization of $309.1 million.
About COGNEX CORP
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