Novanta (NOVT) Q3 FY2023 earnings: revenue $222 million, down 0.7% on the year

Novanta Inc. (NOVT) reported revenue of $222 million for Q3 FY2023, the quarter ended 29 September 2023, down 0.7% on the same quarter a year earlier. Net income was $21 million, down 5.6% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$222 milliondown 0.7%

Net income$21 milliondown 5.6%

Diluted EPS$0.59

QuarterQ3 FY2023ended 29 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	222	n/a	n/a	n/a
Cost of revenue	120	n/a	n/a	n/a
Gross profit	102	n/a	n/a	n/a
Gross margin	45.9%	n/a	n/a
Research and development	22.0	n/a	n/a	n/a
Selling, general and administrative	39.6	n/a	n/a	n/a
Operating income	30.3	n/a	n/a	n/a
Operating margin	13.7%	n/a	n/a
Pre-tax income	23.0	n/a	n/a	n/a
Income tax	1.8	n/a	n/a	n/a
Effective tax rate	7.7%	n/a	n/a
Net income	21.2	n/a	n/a	n/a
Net margin	9.6%	n/a	n/a
Diluted EPS	$0.59	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	44.6	n/a	n/a	n/a
Capital expenditure	6.8	n/a	n/a	n/a
Free cash flow	37.8	n/a	n/a	n/a
Free cash flow margin	17.1%	n/a	n/a
Cash from investing	-6.8	n/a	n/a	n/a
Cash from financing	-52.0	n/a	n/a	n/a
Depreciation and amortisation	11.4	n/a	n/a	n/a
Share-based compensation	6.0	n/a	n/a	n/a
Diluted shares, weighted	36m	n/a	n/a	n/a
Shares outstanding at period end	36m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	645	n/a	n/a	n/a
Debt	353	n/a	n/a	n/a
Operating lease liabilities	38.6	n/a	n/a	n/a
Finance lease liabilities	4.1	n/a	n/a	n/a
Other liabilities	154	n/a	n/a	n/a
Total liabilities and equity	1,194	n/a	n/a	n/a
Fixed assets	103	n/a	n/a	n/a
Goodwill	478	n/a	n/a	n/a
Intangible assets	151	n/a	n/a	n/a
Cash and equivalents	76.0	n/a	n/a	n/a
Receivables	143	n/a	n/a	n/a
Inventory	154	n/a	n/a	n/a
Other assets	89.4	n/a	n/a	n/a
Total assets	1,194	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	222	212	231	236	244	238	233	241	248	258	258	266
Cost of revenue	120	115	130	132	135	130	129	134	137	145	144	145
Gross profit	102	96.6	100	104	109	108	104	107	111	113	114	121
Gross margin	46%	46%	43%	44%	45%	45%	45%	44%	45%	44%	44%	45%
R&D	22.0	23.5	23.2	23.7	23.3	25.3	23.2	25.3	24.1	22.9	23.3	24.0
SG&A	39.6	41.7	43.5	44.8	44.3	43.3	45.6	47.1	51.4	51.6	54.4	60.0
Operating income	30.3	21.7	25.6	25.7	32.6	26.7	32.4	14.9	21.8	24.8	27.5	18.1
Operating margin	14%	10%	11%	11%	13%	11%	14%	6%	9%	10%	11%	7%
Pre-tax income	23.0	15.7	16.9	17.1	24.2	20.8	26.4	5.8	15.8	21.7	26.4	15.9
Tax rate	8%	21%	13%	20%	21%	21%	20%	22%	32%	19%	20%	21%
Net income	21.2	12.5	14.7	13.8	19.2	16.5	21.2	4.5	10.7	17.5	21.1	12.5
Net margin	10%	6%	6%	6%	8%	7%	9%	2%	4%	7%	8%	5%
Diluted EPS	$0.59	$0.35	$0.41	$0.38	$0.53	$0.46	$0.59	$0.12	$0.30	$0.45	$0.51	$0.30
Operating cash flow	44.6	39.0	32.8	41.1	23.0	61.6	31.7	15.1	8.5	8.8	51.6	64.9
Capital expenditure	6.8	6.2	6.4	4.9	3.6	2.2	4.3	3.4	4.3	3.7	4.1	7.5
Free cash flow	37.8	32.8	26.4	36.2	19.5	59.3	27.4	11.7	4.2	5.1	47.5	57.5
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	6.2	0.0	14.1	19.1	18.6	0.0
Shares outstanding	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	38m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 September 2023, filed 7 November 2023, accession 0000950170-23-059817: the filing on EDGAR. All of Novanta Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install