Novanta Q4 Net Income Declines; Organic Revenue Down 4.3%

(RTTNews) - Novanta Inc. (NOVT) reported fourth quarter GAAP net income of $12.5 million, compared to $15.3 million in the fourth quarter of 2022. GAAP earnings per share was $0.35, compared to $0.42. Adjusted EPS was $0.63, compared to $0.75. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.63, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter GAAP revenue was $211.6 million, a decrease of 3.1%, from the fourth quarter of 2022. Organic revenue declined 4.3%, for the quarter. Analysts on average had estimated $210.69 million in revenue.

For full year 2024, the company expects GAAP revenue of approximately $975 million to $1 billion. The company expects adjusted EPS to be in the range of $3.10 to $3.35.

For the first quarter, the company expects GAAP revenue of approximately $225 million to $230 million. The company expects adjusted EPS to be in the range of $0.55 to $0.60.

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