Stock Alert: Cognex Trading 11% Higher

(RTTNews) - Shares of machine vision systems maker Cognex Corporation (CGNX) are climbing more than 11% Tuesday morning after its first-quarter earnings surpassed the Street view.

Earnings, on an adjusted basis were $0.11 per share compared with $0.17 per share a year ago. This compares with the consensus estimate of $0.08.

Revenue for the quarter decreased 4% year-over-year to $167.24 million, due to continued weakness in sales.

Looking forward, however, the company expects decline in both revenue and earnings in the second quarter, due to the uncertainty related to the degree of economic impact of the new coronavirus pandemic.

CGNX is currently at $55.45, close to its 52 week high of $59.14.