Loading...
•
Oct 02, 2020
Novanta Q3 2020 Earnings Report
Novanta reported better-than-expected revenue and profit, delivering record cash flow performance.
Key Takeaways
Novanta Inc. reported financial results for the third quarter 2020. GAAP revenue was $142.9 million, a decrease of 7.2% year-over-year. GAAP net income was $8.3 million, and diluted EPS was $0.23. Adjusted EBITDA was $30.2 million, and operating cash flow was $42.1 million.
GAAP Revenue of $143 million
GAAP Net Income of $8 million
GAAP Diluted Earnings Per Share of $0.23
Adjusted EBITDA of $30 million
Novanta
Novanta
Forward Guidance
For the fourth quarter of 2020, the Company expects GAAP revenue of approximately $144 million to $149 million, and Adjusted EBITDA in the range of $30 million to $32 million.
Positive Outlook
- Expect revenue to be up sequentially in the fourth quarter
- Expect sequential gross margin expansion
- Believe the fourth quarter will demonstrate strong design win momentum
- Significant investments in innovation
- Product launches
Challenges Ahead
- Resurgence of the COVID-19 virus occurring globally
- Must remain vigilant
- Must remain conservative in planning
- Focusing on managing the things we can control
- No significant changes in foreign exchange rates