Novanta Q3 2023 Earnings Report
Key Takeaways
Novanta's Q3 2023 revenue was $221.5 million, a slight decrease of 0.7% year-over-year. GAAP net income reached $21.2 million, with diluted EPS at $0.59. Adjusted EBITDA stood at $52.2 million, and operating cash flow was $44.6 million.
GAAP revenue was $221.5 million, a 0.7% decrease compared to Q3 2022.
GAAP net income was $21.2 million, compared to $22.5 million in Q3 2022.
Adjusted EBITDA was $52.2 million, compared to $49.4 million in Q3 2022.
Operating cash flow was $44.6 million, compared to $14.8 million in Q3 2022.
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Forward Guidance
For Q4 2023, Novanta expects GAAP revenue between $208 million and $212 million, Adjusted EBITDA between $42 million and $45 million, and Adjusted Diluted EPS between $0.59 and $0.66. For the full year 2023, the Company expects GAAP revenue of approximately $878 million to $882 million, Adjusted Gross Profit Margin to be approximately 46.6% to 46.8%, Adjusted EBITDA to be in the range of $193 million to $196 million and Adjusted Diluted EPS to be in the range of $2.98 to $3.05.