Novanta (NOVT) Issues FY18 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.07-2.12 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.00. The company issued revenue guidance of $610-614 million, compared to the consensus revenue estimate of $605.10 million.

NOVT stock traded up $1.84 during trading on Thursday, hitting $77.89. The stock had a trading volume of 186,556 shares, compared to its average volume of 229,029. Novanta has a 1-year low of $43.65 and a 1-year high of $78.85. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 48.68 and a beta of 1.72. The company has a current ratio of 3.18, a quick ratio of 2.14 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, November 6th. The technology company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.09. Novanta had a net margin of 6.18% and a return on equity of 19.30%. The firm had revenue of $160.79 million during the quarter, compared to the consensus estimate of $154.43 million. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, research analysts predict that Novanta will post 2.1 earnings per share for the current year.

NOVT has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Novanta from a buy rating to a hold rating in a research note on Wednesday, July 11th. BidaskClub downgraded shares of Novanta from a strong-buy rating to a buy rating in a research note on Wednesday, August 1st. Finally, ValuEngine downgraded shares of Novanta from a buy rating to a hold rating in a research note on Saturday, October 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $64.00.

In other news, VP Peter L. Chang sold 3,680 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $70.63, for a total transaction of $259,918.40. Following the completion of the transaction, the vice president now owns 36,132 shares of the company’s stock, valued at approximately $2,552,003.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthijs Glastra sold 20,000 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $74.00, for a total transaction of $1,480,000.00. Following the transaction, the chief executive officer now directly owns 71,107 shares of the company’s stock, valued at approximately $5,261,918. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,167 shares of company stock valued at $2,723,121. Corporate insiders own 6.70% of the company’s stock.

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About Novanta

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.

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