Cognex Q3 Profit More Than Doubles

(RTTNews) - Cognex Corp. (CGNX) reported net income for the third quarter of $50.4 million or $0.57 per share, compared to $20.7 million or $0.23 per share for the year-ago quarter.

Excluding stock option expenses, adjusted net income for the latest quarter was $52.6 million or $0.59 per share.

Revenue for the third quarter jumped 87% to $169.36 million from $90.79 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.56 per share on revenue of $268.17 million for the third quarter.

Looking forward, the company forecasts fourth quarter revenue of $111 million to $114 million. Analysts currently expect the company to post revenue of $113.11 million for the fourth quarter.