The following is a summary of the Cognex (CGNX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cognex saw Q1 revenue of $211 million, a 5% increase year-on-year, boosted by the contribution from acquired company Moritex that accounted for nearly 8% of total revenue.

• The company's Gross margin dropped to 68.8% from 71.8%, driven by a full quarter effect of Moritex and one-time events.

• Operating expenses rose 3% year-on-year due to Moritex's impact and investment in customer initiative.

• Q1 saw a drop in adjusted EBITDA margin to 11.9% from 13.5% a year ago, driven by lower gross margin and elevated operating expenses.

• Diluted earnings per share for the quarter was $0.07, down year-on-year due to lower operating margins and acquisition and amortization costs.

Business Progress:

• Cognex launched the In-Sight L38, the world's first AI-enabled 3D industrial vision system.

• The company's integration with recent acquisition Moritex is on track; the company expects this move to be accretive to operating margin and EPS in 2024.

• The semicon industry is showing early signs of recovery, with a 6% Q1 revenue increase year-on-year.

• Optimism is high regarding the addition of Moritex and exciting new technological applications like 3D AI and edge learning.

• Cognex is aggressively investing in emerging customer initiatives and college graduate hiring, targeting a long-term plan to significantly expand their customer base.

• The company sees significant long-term potential in markets like Electronics and EV battery manufacturing, and opportunities in India are considered to be potentially significant.

More details: Cognex IR

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