Novanta (NASDAQ:NOVT) Releases FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY24 earnings guidance on Tuesday. 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.

Wall Street Analyst Weigh In

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

Novanta Stock Up 10.5 %

Novanta stock traded up $17.27 during midday trading on Wednesday, hitting $181.94. 346,439 shares of the company’s stock were exchanged, compared to its average volume of 140,008. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. The firm has a 50-day moving average of $174.21 and a two-hundred day moving average of $169.69. Novanta has a 12 month low of $111.20 and a 12 month high of $187.12. 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 earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) 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 business had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. During the same period last year, the company posted $0.85 earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, analysts expect that Novanta will post 3.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Novanta news, CFO Robert Buckley sold 4,379 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total value of $771,579.80. Following the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,217,827.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, 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.