BEDFORD, Mass. (AP) — BEDFORD, Mass. (AP) — Novanta Inc. (NOVT) on Monday reported first-quarter profit of $21.1 million.
The Bedford, Massachusetts-based company said it had net income of 51 cents per share. Earnings, adjusted for amortization costs and restructuring costs, came to 81 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The photonic and motion control components maker posted revenue of $257.7 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $253.4 million.
For the current quarter ending in June, Novanta expects its per-share earnings to range from 81 cents to 86 cents.
The company said it expects revenue in the range of $259 million to $264 million for the fiscal second quarter.
Novanta expects full-year earnings in the range of $3.50 to $3.65 per share, with revenue ranging from $1.04 billion to $1.06 billion.
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