Novanta (NASDAQ:NOVT) Issues 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.

Analyst Upgrades and Downgrades

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

Novanta Stock Performance

Shares of NOVT traded up $17.27 during midday trading on Wednesday, hitting $181.94. 370,080 shares of the stock traded hands, compared to its average volume of 140,730. Novanta has a 1-year low of $111.20 and a 1-year high of $187.12. The firm has a market capitalization of $6.53 billion, a PE ratio of 105.17 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. The business’s 50 day moving average price is $174.24 and its two-hundred day moving average price is $169.77.

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

Insider Activity at Novanta

In related news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction dated Friday, September 27th. The shares were 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 in the company, valued at $21,729,608.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 9,150 shares of company stock worth $1,608,936 over the last ninety days. 1.20% of the stock is currently 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.