(RTTNews) - Cognex Corp. (CGNX) said it expects to report a decline in both revenue and earnings per share, excluding discrete tax items, for second quarter on both a year-on-year and sequential basis. The company said the impact of the COVID-19 outbreak has expanded and accelerated into second quarter as Cognex has noted lower demand for its products in certain industries, additional disruptions to the supply chain, longer customer delivery times, higher delivery costs, and further shutdowns of customer facilities.
For the first quarter, non GAAP net income per share was $0.11 compared to $0.17, prior year. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.08, for the quarter. Analysts' estimates typically exclude special items.
First quarter revenue was $167.23 million, down 4% from prior year. Analysts expected revenue of $157.37 million for the quarter.