Cognex sees Q1 revenue $200M-$220M, consensus $227.22M

Cognex (CGNX) expects revenue to be between $200M-$220M. At the midpoint, this represents a similar revenue level year-on-year, driven by expected growth in Logistics and Semiconductor, offset by weaker Automotive and a $5M FX headwind. The expected sequential step-down is driven by the acceleration in demand from customers in Q4 and an anticipated $4M FX headwind. Adjusted gross margin is expected to be in the high 60 percent range. Adjusted EBITDA margin is expected to be between 12%-15%. This represents a 150 basis point increase year-on-year at the midpoint driven by continued tight management of operating expenses. The adjusted effective tax rate is expected to be 16%.