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Jul 01, 2022
Novanta Q2 2022 Earnings Report
Novanta achieved strong financial results, with double-digit growth in sales, Adjusted EBITDA, and EPS.
Key Takeaways
Novanta reported a 29% increase in GAAP revenue to $215 million for the second quarter of 2022. The company's GAAP diluted earnings per share increased by 48% to $0.49, and adjusted earnings per share increased by 26% to $0.78. Customer demand remains healthy, with bookings up 25% year over year, resulting in a record backlog of $653 million.
GAAP revenue increased by 29% to $215 million.
GAAP diluted earnings per share increased by 48% to $0.49.
Adjusted earnings per share increased by 26% to $0.78.
Adjusted EBITDA reached $45.0 million.
Novanta
Novanta
Forward Guidance
For the third quarter of 2022, the Company expects GAAP revenue of approximately $214 million to $216 million, demonstrating reported growth of 20% to 22%. The Company expects Adjusted Gross Profit Margin to be approximately 46.0%. The Company expects Adjusted EBITDA to be in the range of $43.5 million to $45.5 million and Adjusted Diluted EPS to be in the range of $0.71 to $0.76.
Positive Outlook
- Maintain momentum with strong double-digit revenue growth
- Consistently strong customer demand
- Record levels of backlog
- Adjusted Gross Profit Margin to be approximately 46.0%
- Adjusted EBITDA to be in the range of $43.5 million to $45.5 million
Challenges Ahead
- Continued supply chain constraints
- Inflationary pressures
- Foreign exchange challenges
- Assumes no significant changes in foreign exchange rates
- Macroeconomic environment