Cognex Corp CGNX shares are trading higher in Monday's after-hours session after the company raised third-quarter guidance ahead of its analyst day, which is scheduled for Tuesday.
Cognex now expects third-quarter revenue to be between $195 million and $205 million as compared to the company's previous guidance of $160 million to $180 million.
Cognex said the increase is primarily due to the company's ability to fulfill customer demand sooner than anticipated due to strong progress in replenishing component inventory destroyed in the previously disclosed fire at the company's primary contract manufacturer.
Cognex will host its analyst day on Tuesday and present an updated view that its estimated served market value is $6.5 billion, up from $4.2 billion estimated in 2019. The company also plans to set a compound annual revenue growth target of 15% over the medium-to-long term.
Cognex provides machine vision products that help automate manufacturing processes.
CGNX Price Action: Cognex has a 52-week high of $80.30 and a 52-week low of $40.55.
The stock was up 9.9% in after hours at $45.85 at time of publication, according to Benzinga Pro.
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