Cognex ( NASDAQ: CGNX ) on Monday upped its Q3 revenue guidance, citing "strong progress" in replacing inventory destroyed by a fire at its primary contract manufacturer earlier this year.
The maker of image-based products such as barcode reading systems and item detectors now expects Q3 revenue to be $195M to $205M, compared to a consensus revenue estimate of $170.34M.
The company had previously in Aug. guided Q3 revenue of $160M to $180M. It had also missed on Q2 estimates .
Shares of Cognex ( CGNX ) rose 10.9% to $46.28 in aftermarket trading.
"We are pleased that our hard work to procure new components has enabled us to fulfill customer demand faster than we expected," CGNX CEO Robert Willett said in a statement .
The increase in Q3 revenue guidance comes ahead of the company's analyst day, which will be held on Sept. 20.
"At the meeting, Cognex will present an updated view of its estimated served market valued at $6.5 billion (up from $4.2 billion last estimated in 2019), including a long-term compound annual revenue growth target of 15% over the medium-to-long term," the company said.
For further details see:
Cognex stock rises ~11% after hours on raised Q3 revenue guidance