Novanta (NASDAQ:NOVT) Releases FY 2024 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY 2024 earnings guidance on Tuesday. 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 Stock Performance

Shares of NASDAQ NOVT traded down $9.47 during midday trading on Tuesday, hitting $164.70. 278,338 shares of the stock traded hands, compared to its average volume of 139,220. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. Novanta has a one year low of $111.20 and a one year high of $187.12. The firm has a market capitalization of $5.91 billion, a P/E ratio of 94.92 and a beta of 1.29. The firm has a 50-day moving average of $174.56 and a two-hundred day moving average of $169.58.

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, topping 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 business had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. During the same period last year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities analysts forecast that Novanta will post 3.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird upped their target price on shares of Novanta from $170.00 to $175.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th.

Insider Buying and Selling at Novanta

In other Novanta news, CFO Robert Buckley sold 1,111 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the sale, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 9,150 shares of company stock valued at $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.