Novanta (NASDAQ:NOVT) Announces Earnings Results, Meets Expectations

Novanta (NASDAQ:NOVT) issued its quarterly earnings results on Tuesday. The technology company reported $0.54 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.54, Briefing.com reports. The business had revenue of $155.10 million for the quarter, compared to analyst estimates of $154.47 million. Novanta had a return on equity of 19.26% and a net margin of 7.92%. Novanta’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share.

Novanta stock traded up $1.40 during mid-day trading on Tuesday, reaching $78.66. 17,082 shares of the company’s stock were exchanged, compared to its average volume of 155,359. The business has a fifty day simple moving average of $88.49. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 36.42 and a beta of 1.49. Novanta has a one year low of $55.68 and a one year high of $96.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.83 and a quick ratio of 1.78.

A number of analysts recently commented on NOVT shares. BidaskClub lowered Novanta from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Zacks Investment Research lowered Novanta from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th.

In other Novanta news, CFO Robert Buckley sold 16,277 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $91.06, for a total value of $1,482,183.62. Following the sale, the chief financial officer now directly owns 158,803 shares in the company, valued at $14,460,601.18. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthijs Glastra sold 30,100 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the completion of the sale, the chief executive officer now owns 123,448 shares in the company, valued at $11,506,588.08. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

Further Reading: Cost of Goods Sold (COGS)

Earnings History for Novanta (NASDAQ:NOVT)

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