Tuesday, Cognex Corp. (CGNX), a provider of machine vision products, reported that its profit decreased from last year, hurt by lower revenues coupled with higher expenses. However, the fourth-quarter earnings met Street analysts' estimate.
The Natick, Massachusetts-based company reported net income for the fourth quarter of $1.8 million or $0.05 per share, down from $11.1 million or $0.25 per share in the same quarter last year.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter decreased 21% to $51.8 million from $65.3 million in the comparable quarter last year. Analysts had a revenue consensus of $55.13 million for the quarter.
The decrease in revenues is due to lower revenue from Cognex's three primary markets, Factory Automation, Semiconductor and Electronics Capital Equipment, and Surface Inspection.
Selling, general, and administrative expenses rose to $29.27 from $26.95 million in the same quarter last year.
Cognex reported a restructuring charge of $258 thousand in the fourth quarter of 2008 related to the scheduled closure of the company's Duluth, Georgia facility in mid-2009.
Operating loss for the fourth quarter of 2008 was $1.61 million, compared to operating income of $11.63 million in the prior-year quarter.
For the full year, net income was $27.28 million or $0.66 per share, marginally higher than $26.89 million or $0.61 per share reported last year.
Revenues for the full year increased to $242.68 million from $225.68 million a year ago.
Analysts were looking for earnings of $0.64 per share on revenues of $246.02 million for fiscal 2008.
CGNX closed Monday's regular trading session at $12.66, down $0.52 or 3.95% on volumes of 493 thousand shares.
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