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Jul 02, 2021
Novanta Q2 2021 Earnings Report
Novanta's financial performance for Q2 2021 showed revenue of $167.5 million, net income of $11.7 million, and adjusted EPS of $0.62.
Key Takeaways
Novanta reported strong financial results for the second quarter of 2021, with double-digit growth in sales, bookings, and profit. Customer demand accelerated in advanced industrial and medical application areas, with bookings increasing 77% year over year. The company is raising its full year guidance.
GAAP revenue was $167.5 million, a 15.8% increase year-over-year.
GAAP consolidated net income was $11.7 million.
GAAP diluted earnings per share was $0.33.
Adjusted EBITDA was $37.0 million, compared to $30.8 million in the second quarter of 2020.
Forward Guidance
For the third quarter of 2021, the Company expects GAAP revenue of approximately $165 million to $170 million. The Company expects Adjusted EBITDA to be in the range of $35 million to $37 million and Adjusted Diluted EPS to be in the range of $0.55 to $0.60. For the full year 2021, the Company expects GAAP revenue of approximately $660 million to $670 million. The Company expects Adjusted EBITDA to be in the range of $140 million to $143 million and Adjusted Diluted EPS to be in the range of $2.30 to $2.40.
Positive Outlook
- Expects GAAP revenue of approximately $165 million to $170 million for Q3 2021.
- Expects Adjusted EBITDA to be in the range of $35 million to $37 million for Q3 2021.
- Expects Adjusted Diluted EPS to be in the range of $0.55 to $0.60 for Q3 2021.
- Expects GAAP revenue of approximately $660 million to $670 million for full year 2021.
- Expects Adjusted EBITDA to be in the range of $140 million to $143 million for full year 2021.
Challenges Ahead
- Guidance does not include the impact of the expected closing of the Schneider Electric Motion USA Inc. (“SEM”) and ATI Industrial Automation Inc. (“ATI”) acquisitions for Q3 and full year 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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