Novanta (NASDAQ: NOVT) reported Q1 EPS of $0.58, $0.19 better than the analyst estimate of $0.39. Revenue for the quarter came in at $162.6 million versus the consensus estimate of $156.28 million.

• First Quarter 2021 GAAP Revenue of $163 million
• First Quarter 2021 GAAP Consolidated Net Income of $11 million
• First Quarter 2021 GAAP Diluted Earnings Per Share of $0.32
• First Quarter 2021 Adjusted Earnings Per Share of $0.58
• First Quarter 2021 Adjusted EBITDA of $33 million

“Novanta delivered strong First Quarter results, with sales, bookings, profit, and cash flow all exceeding our expectations,” said Matthijs Glastra, Chief Executive Officer of Novanta. “Demand accelerated across multiple application areas, particularly in the advanced industrial sector, demonstrated in our record sales and bookings performance, with bookings increasing 28% sequentially and 25% year over year. Our innovation programs are on track and making good progress, and we launched five new products in the quarter. We also saw record growth in design wins as we continue to partner with our customers on new opportunities. We feel very good that Novanta is well-positioned for continued success as the global economy returns to growth.”

GUIDANCE:

Novanta sees Q2 2021 EPS of $0.49-$0.53, versus the consensus of $0.50. Novanta sees Q2 2021 revenue of $162-165 million, versus the consensus of $158.55 million.

Novanta sees FY2021 EPS of $2.04-$2.19, versus the consensus of $2.11. Novanta sees FY2021 revenue of $645-655 million, versus the consensus of $644.35 million.

“With our performance in the First Quarter, and the strong broad based demand signals from our customers, we expect to see continued growth in the Second Quarter and for the Full Year,” said Matthijs Glastra. “While we expect strong demand for the year, we are seeing an uptick in pandemic related disruptions and electronic material shortages impacting our supply chain and that of our customers, which we expect to continue over the course of 2021. However, our design win and customer order activities are expected to remain robust; with long-term prospects in our medical and advanced industrial end-markets remaining very positive.”

For the second quarter of 2021, the Company expects GAAP revenue of approximately $162 million to $165 million. The Company expects Adjusted EBITDA to be in the range of $32 million to $34 million, and Adjusted Diluted EPS to be in the range of $0.49 to $0.53. The Company’s guidance assumes no significant changes in foreign exchange rates.

For the full year 2021, the Company expects GAAP revenue of approximately $645 million to $655 million. The Company expects Adjusted EBITDA to be in the range of $127 million to $134 million, and Adjusted Diluted EPS to be in the range of $2.04 to $2.19. The Company’s guidance assumes no significant changes in foreign exchange rates.

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