Earnings To Watch: Novanta (NOVT) Reports Q3 Results Tomorrow

StockStory
2024-11-04
Earnings To Watch: Novanta (NOVT) Reports Q3 Results Tomorrow

Medicine and manufacturing technology provider Novanta (NASDAQ:NOVT) will be reporting earnings tomorrow before market hours. Here’s what to look for.

Novanta met analysts’ revenue expectations last quarter, reporting revenues of $235.9 million, up 2.8% year on year. It was a weaker quarter for the company, with a miss of analysts’ earnings estimates and full-year revenue guidance missing analysts’ expectations.

Is Novanta a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Novanta’s revenue to grow 9.4% year on year to $242.3 million, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.85 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Novanta has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.5% on average.

Looking at Novanta’s peers in the electronic components segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Vicor’s revenues decreased 13.6% year on year, beating analysts’ expectations by 9.3%, and Belden reported revenues up 4.5%, topping estimates by 1.7%. Vicor traded up 13.9% following the results while Belden was down 1.9%.

Read our full analysis of Vicor’s results here and Belden’s results here.

Investors in the electronic components segment have had steady hands going into earnings, with share prices flat over the last month. Novanta’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $181 (compared to the current share price of $174.22).

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