Novanta Reports Strong Quarterly Earnings

Novanta (NASDAQ:NOVT) announced its quarterly earnings results on Tuesday. The company reported an earnings per share (EPS) of $0.76 for the quarter, which exceeded analysts' expectations of $0.71 by a margin of $0.05. In addition, Novanta achieved a return on equity of 15.20% and recorded a net profit margin of 6.52%. The total revenue for the quarter was reported at $238.10 million, slightly below the analysts' forecast of $240.29 million. Compared to the same quarter last year, Novanta's revenue increased by 12.5%. In the previous year, the company earned $0.63 per share during this quarter.

Stock Performance

On the day of the announcement, shares of Novanta opened at $138.30. The company's stock has seen a 50-day simple moving average of $149.48 and a 200-day simple moving average of $164.96. Over the past year, Novanta's shares have fluctuated between a low of $138.15 and a high of $187.12. The company's current debt-to-equity ratio stands at 0.61, with a current ratio of 2.79 and a quick ratio of 1.81. Novanta holds a market capitalization of approximately $4.97 billion and has a price-to-earnings (P/E) ratio of 82.81, along with a beta of 1.28.

Insights from Analysts

Analysts have provided some insights following the earnings release. For instance, Robert W. Baird revised their price target for Novanta’s shares from $175.00 down to $169.00 and maintained a "neutral" rating on the stock in a report released on November 6th.

About Novanta

Novanta, Inc., specializes in providing core technology solutions to manufacturers in healthcare and advanced industrial sectors. The company operates through various segments, including Photonics, Vision, and Precision Motion. The Photonics segment focuses on designing and manufacturing photonics-based solutions, which encompass products such as laser scanning systems, laser beam delivery systems, CO2 lasers, and optical light engines.

Novanta, Earnings, Technology