Novanta (NASDAQ:NOVT) Issues FY 2024 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 3.020-3.060 for the period, compared to the consensus EPS estimate of 3.290. The company issued revenue guidance of $948.0 million-$953.0 million, compared to the consensus revenue estimate of $973.1 million. Novanta also updated its FY24 guidance to $3.02-3.06 EPS.

Novanta Price Performance

Novanta stock traded up $17.27 during midday trading on Wednesday, hitting $181.94. The company’s stock had a trading volume of 370,080 shares, compared to its average volume of 140,730. The company has a quick ratio of 1.73, a current ratio of 2.77 and a debt-to-equity ratio of 0.68. The stock’s 50-day moving average price is $174.24 and its 200-day moving average price is $169.77. Novanta has a 12 month low of $111.20 and a 12 month high of $187.12. The company has a market capitalization of $6.53 billion, a PE ratio of 105.17 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.01). Novanta had a return on equity of 15.77% and a net margin of 6.91%. The business had revenue of $244.40 million during the quarter, compared to the consensus estimate of $242.33 million. During the same quarter last year, the firm posted $0.85 earnings per share. Novanta’s revenue was up 10.3% compared to the same quarter last year. Analysts anticipate that Novanta will post 3.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Robert W. Baird dropped their price target on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research note on Wednesday.

Insider Buying and Selling

In other Novanta news, CFO Robert Buckley sold 4,379 shares of Novanta stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total transaction of $771,579.80. Following the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,217,827.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 9,150 shares of company stock valued at $1,608,936. 1.20% of the stock is owned by corporate insiders.

About Novanta

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.