NATICK, MA – Cognex reported record revenue in the third quarter of $169.4 million, up 87% year-over-year, and up 56% sequentially.

Net income for the period ended Sept. 28 was $50.4 million, up 143% compared to the third quarter of 2013, and up 94% sequentially.

Growth came from the factory automation market, where revenue increased 103% year-over-year and 75% sequentially to set a new quarterly record of $146 million, the firm says. A notable contributor to factory automation in the third quarter was $65 million of revenue from a single customer.

Research, Development & Engineering (RD&E) expenses increased 52% compared to the third quarter last year and 36% sequentially.

Selling, General & Administrative (SG&A) expenses increased 39% year-over-year and 22% sequentially.

For the nine months ended Sept. 28, revenue was $369.1 million, up 43% year-over-year.

Net income for the first nine months of 2014 was $94.9 million, an increase of 79% compared to the same period last year.

“Cognex reported record-breaking financial results, with the highest quarterly revenue, net income and earnings per share in our 33-year history,” said Dr. Robert J. Shillman, chairman of Cognex.

Cognex had $497 million in cash and no debt as of Sept. 28.

Revenue for the fourth quarter is expected to be between $111 million and $114 million.