Novanta Inc (NOVT) released its first quarter results on Wednesday, May 12, 2021. The company reported net earnings of $0.32 per share for the first quarter ending March 31, 2021. Earnings for this past quarter declined 6 percent compared to the same period a year ago.
Novanta Inc. was founded in 1968 and is headquartered in Bedford, Massachusetts. 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. Its Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products for photonics-based applications, such as industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
Novanta's revenue decreased 4 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 46.14% for the first quarter compared to the same period in the previous year, and operating margins decreased to 9.12% over the same period. Net earnings for past trailing twelve months were $43.88 million, up 8% from the prior year.
Moving on to the balance sheet, Novanta's cash levels jumped 54% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 20.12% this past year. The current ratio for Novanta now stands at 2.63. The company increased shares outstanding by 0.75%.
Shares of NOVT are currently trading around $128.53. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 103.05 and price to book ratio of 9.66.
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This article was written by Value Investing News (https://www.valueinvestingnews.com) on Thursday, May 13, 2021.