Novanta (NASDAQ:NOVT) Releases FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $3.02-3.06 for the period, compared to the consensus EPS estimate of $3.29. The company issued revenue guidance of ~$948-953 million, compared to the consensus revenue estimate of $973.07 million. Novanta also updated its Q4 guidance to $0.70-0.74 EPS.

Novanta Trading Down 0.0 %

Shares of NOVT opened at $174.17 on Tuesday. Novanta has a 12-month low of $111.20 and a 12-month high of $187.12. The firm has a market capitalization of $6.25 billion, a P/E ratio of 100.68 and a beta of 1.29. The firm has a 50-day moving average price of $174.56 and a 200 day moving average price of $169.58. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The business had revenue of $235.86 million during the quarter, compared to analysts’ expectations of $233.63 million. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. Sell-side analysts forecast that Novanta will post 3.3 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird raised their target price on Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th.

Insider Activity at Novanta

In other Novanta news, CFO Robert Buckley sold 1,111 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $180.45, for a total transaction of $200,479.95. Following the completion of the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,729,608.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 9,150 shares of company stock worth $1,608,936. Company insiders own 1.20% of the company’s stock.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.