By midafternoon, shares had added 3.1% to $35.10.
The industrial technology developer said it had received two orders with combined value of more than $40 million from an undisclosed manufacturer in Asia. The company said it expects revenue from these purchase orders to be recognized in the third quarter ending September.
"These orders represent the largest amount that we have ever received from a single customer in a single quarter in the 33-year history of our company," said Cognex chairman Dr. Robert J. Shillman in a statement.
"Cognex won this project after a lengthy, rigorous qualification process involving a number of our competitors," added CEO Robert J. Willett.
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TheStreet Ratings team rates COGNEX CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate COGNEX CORP (CGNX) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."