Novanta (NASDAQ:NOVT) Announces Earnings Results, Beats Estimates By $0.05 EPS

Novanta (NASDAQ:NOVT) issued its quarterly earnings results on Tuesday. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05, Zacks reports. The company had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share.

Novanta Stock Down 1.6 %

NASDAQ:NOVT traded down $2.45 during midday trading on Thursday, reaching $146.86. The company had a trading volume of 35,265 shares, compared to its average volume of 227,077. The stock’s fifty day simple moving average is $148.99 and its 200-day simple moving average is $164.69. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta has a 12-month low of $137.91 and a 12-month high of $187.12. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of 87.94 and a beta of 1.28.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped 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, November 6th.

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.