Machine vision specialist Cognex (NASDAQ:CGNX) says it sees a bright future for itself after recording record results in a typically soft quarter. The company reported third-quarter results after the markets closed yesterday, showing it posted revenue of $90.8 million, a robust 13% gain from the $80.1 million in the same period the previous year, though it was in-line with Capital IQ consensus estimates.
Net income was also up sharply, rising 23% to $20.7 million, or $0.23 per share, from Q3 2012's $17.8 million, or $0.20 per share, though that was also in-line with CapIQ estimates.
Much of the growth is attributable to the factory automation market where it set new quarterly sales records as revenue jumped 18% year over year and was up 7% sequentially.
The company provided selected forward guidance for its current fourth quarter, believing it will post revenues between $93 million and $96 million, which is also in-line with estimates of $94.8 million.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Cognex. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.