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Cognex Corporation (CGNX-1.53%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports revenue of $914,515,000 for 2024, representing a 9% increase over the previous year. This increase was attributed to the acquisition of Moritex Corporation and higher revenue from logistics and semiconductor industries.
Gross margin decreased to 68% in 2024 from 72% in 2023, primarily due to a less favorable revenue mix and pricing pressures.
Operating expenses increased by 9% over the prior year, driven by investments in sales coverage and costs related to the acquisition of Moritex.
The company reported an operating income of 13% of revenue in 2024, down from 16% in the previous year. Net income was 12% of revenue, or $0.62 per share, compared to 14% of revenue, or $0.65 per share, in 2023.
Cognex's revenue from the logistics industry grew by 20%, while revenue from the automotive industry decreased by 12%. The consumer electronics and semiconductor industries saw revenue increases of 3% and 80%, respectively.
Geographically, revenue from the Americas increased by 6%, while revenue from Europe decreased by 1%. Revenue from Greater China remained flat, and other Asian countries saw a 49% increase.
The company had a cash and investment balance of $586,948,000 as of December 31, 2024, with net cash provided by operating activities totaling $149,081,000.
Cognex repurchased 1,711,000 shares of its common stock at a cost of $67,085,000 in 2024, leaving a remaining authorization of $265,807,000 for future repurchases.
The Board of Directors declared and paid cash dividends totaling $52,329,000 in 2024, with a dividend increase to $0.080 per share in the fourth quarter.
The filing also includes details on Cognex's acquisition of Moritex Corporation, which was completed in the fourth quarter of 2023 for approximately $270 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cognex Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.