Novanta (NASDAQ:NOVT) Releases FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.02-3.06 for the period, compared to the consensus 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 FY 2024 guidance to 3.020-3.060 EPS.

Novanta Stock Performance

Shares of NOVT traded up $17.27 during mid-day trading on Wednesday, hitting $181.94. The stock had a trading volume of 346,439 shares, compared to its average volume of 140,008. 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 fifty-two week low of $111.20 and a fifty-two week high of $187.12. The company’s fifty day simple moving average is $174.21 and its two-hundred day simple moving average is $169.69. The company has a market cap of $6.53 billion, a PE ratio of 95.18 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.01). Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm had revenue of $244.40 million during the quarter, compared to analyst estimates of $242.33 million. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Novanta’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts expect that Novanta will post 3.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CFO Robert Buckley sold 1,111 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $180.45, for a total value of $200,479.95. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,729,608.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 9,150 shares of company stock worth $1,608,936 in the last quarter. 1.20% of the stock is owned by company insiders.

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.