cut fourth-quarter guidance, citing order delays and difficulties in Detroit.
The Natick, Mass., maker of machine vision systems said it expects to make 23 cents a share on revenue just below $61 million for the quarter ended Dec. 31. Earlier the company had forecast a 25-cent profit on sales of at least $61 million. Analysts surveyed by First Call were looking for a 26-cent profit, Cognex said.
"The primary reason for this unanticipated shortfall is that three large orders that were in the backlog at the beginning of the quarter and that were scheduled to be shipped in the quarter were either pushed out or were cancelled," said CEO Robert Shillman. "One of the two large orders that have been rescheduled for shipment in 2006 is for a surface inspection system from our SISD business unit, and the other rescheduled order is for a large number of vision sensors from our MVSD business unit.
"In addition to those two orders that have been rescheduled for a later date, a significant order from the automotive industry for products from our MVSD business unit was canceled as a result of the customer's decision not to go forward with a large automation project," the CEO added. "That cancellation is consistent with the slowdown in bookings that we saw in Q4 from the automotive segment following recent negative announcements made by both
Cognex shares were halted late Monday after they rose a penny during regular trading to $32.22.