Looks like 2008 is off to a strong start for Cognex, with revenues of over $60m (up 19% on Q1 ’07) and strong growth in their Factory Automation business. Interestingly, it’s the lower end products – the ID readers and Checker – that are showing the biggest percentage gains. This must mean the distributors are doing a great job getting the products out and educating factory users in how and where to use them.
Projections for Q2 are even better, so it looks like CGNX could break $250M for total ’08 revenues. Smart guys were buying the stock a while back – it’s probably too late now!
And what, one wonders, does Cognex intend to do with that stack of cash they’re sitting on? In recent months share buybacks have been the thing, but might there perhaps be a significant acquisition on the horizon? Could dividends be increased?
We will have to watch and wait.
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