Novanta (NASDAQ:NOVT) Releases Earnings Results, Beats Expectations By $0.05 EPS

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

Novanta Stock Performance

Shares of NASDAQ NOVT traded up $0.83 during mid-day trading on Tuesday, hitting $139.13. 77,350 shares of the company were exchanged, compared to its average volume of 205,655. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $149.48 and a 200-day simple moving average of $164.96. Novanta has a 1-year low of $137.91 and a 1-year high of $187.12. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 83.04 and a beta of 1.28.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Novanta Company Profile

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.