Novanta (NASDAQ:NOVT) Releases FY 2024 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 3.020-3.060 for the period, compared to the consensus earnings per share 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 Up 0.1 %

Shares of NOVT stock traded up $0.17 during mid-day trading on Friday, hitting $181.69. The company’s stock had a trading volume of 14,312 shares, compared to its average volume of 140,264. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 104.92 and a beta of 1.29. 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 52-week low of $120.19 and a 52-week high of $187.12. The business has a 50-day moving average price of $174.22 and a 200 day moving average price of $169.85.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. The business had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.85 EPS. Research analysts predict that Novanta will post 3.3 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Transactions at Novanta

In other Novanta news, CFO Robert Buckley sold 1,111 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $180.45, for a total value of $200,479.95. Following the completion of the sale, the chief financial officer now owns 120,419 shares in the company, valued at approximately $21,729,608.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 9,150 shares of company stock valued at $1,608,936 over the last three months. Corporate insiders own 1.20% of the company’s stock.

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.