UPDATE 1-Cognex raises Q3 rev outlook
* Sees Q3 rev $74-$76 mln vs est $66.5 mln
* Says strong demand in factory automation market
Sept 27 (Reuters) - Cognex Corp (CGNX.O), a maker of vision sensors, raised its third-quarter revenue outlook, helped by stronger-than-anticipated demand from its factory automation market.
Semiconductor, consumer goods, health care, and automotive companies, among others, use Cognex's machine vision systems to position and identify products, gauge sizes, and locate defects.
The company now expects third-quarter revenue of $74-$76 million, up from ts prior estimates of revenue of $65-$68 million.
Analysts on average were expecting revenue of $66.5 million according to Thomson Reuters I/B/E/S.
The factory automation market contributed 69 percent to the company's second-quarter revenue.
The company said seasonal softness in demand, especially from factory automation customers, did not occur this year.
Shares of the Natick, Massachusetts-based company rose 11 percent to $25.49 in trading after the bell. They closed at $22.89 Monday on Nasdaq. The company's shares have risen 7 percent in less than a month. (Reporting by Divya Sharma in Bangalore; Editing by Jarshad Kakkrakandy)
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