Novanta (NASDAQ:NOVT) Updates 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 Price Performance

Shares of NOVT opened at $174.17 on Tuesday. The company has a 50 day moving average of $174.56 and a two-hundred day moving average of $169.58. The company has a quick ratio of 1.73, a current ratio of 2.77 and a debt-to-equity ratio of 0.68. Novanta has a twelve month low of $111.20 and a twelve month high of $187.12. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 100.68 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The company had revenue of $235.86 million for the quarter, compared to analyst estimates of $233.63 million. During the same period in the prior year, the company posted $0.80 EPS. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, analysts predict that Novanta will post 3.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Robert W. Baird raised their price objective 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

In related news, CFO Robert Buckley sold 3,660 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $20,954,110.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 9,150 shares of company stock worth $1,608,936 in the last quarter. Corporate 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.