- Novanta Inc (NASDAQ: NOVT) reported first-quarter FY21 revenue growth of 4.6% year-on-year to $162.6 million, beating the analyst consensus of $156.3 million.
- Photonics revenue rose 6.1% Y/Y to $58.5 million, Vision revenue declined 2% Y/Y to $67.6 million, while Precision Motion revenue rose 16.4% Y/Y to $36.5 million.
- Adjusted operating income rose 7% Y/Y to $22.8 million, with margin expanding by 30 basis points to 14.02%.
- Adjusted EBITDA rose 18.5% Y/Y to $32.7 million.
- Adjusted EPS of $0.58 beat the analyst consensus of $0.39.
- Novanta generated $23.3 million in operating cash flow and held $113.6 million in cash and equivalents.
- Demand accelerated across multiple application areas, particularly in the advanced industrial sector, demonstrated in its record sales and bookings performance, with bookings increasing 28% Q/Q and 25% Y/Y, CEO Matthijs Glastra said.
- The innovation programs were on track and making good progress, and it launched five new products in the quarter.
- Guidance: Novanta sees Q2 revenue guidance of $162 million - $165 million, above the analyst consensus of $158.55 million, and adjusted EBITDA outlook of $32 million - $34 million.
- It expects Q2 adjusted EPS of $0.49 - $0.53, compared to the analyst consensus of $0.50.
- Novanta sees FY21 revenue guidance of $645 million - $655 million, above the analyst consensus of $644.35 million, and adjusted EBITDA guidance of $127 million - $134 million. It expects adjusted EPS of $2.04 - $2.19, compared to the analyst consensus of $2.11.
- Price action: NOVT shares traded higher by 2.51% at $128.52 on the last check Tuesday.
Novanta Stock Is Trading Higher On Q1 Earnings Beat, Strong Guidance