RTTNews | May 11, 2021 07:47AM EDT

07:46 Tuesday, May 11, 2021 (RTTNews.com) - Novanta Inc. (NOVT) posted a first-quarter profit of $11.31 million or $0.32 per share, down from $11.95 million or $0.34 per share in the previous year.

Adjusted earnings per share was $0.58 compared to $0.51 in the first quarter of 2020. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue was $162.6 million, an increase of $7.1 million, or 4.6% from last year. Year-over-year Organic Revenue Growth, which excludes the net impact of acquisitions and changes in foreign currency exchange rates, was an increase of 1.1% for the first quarter of 2021. Analysts expected revenues of $156.28 million for the quarter.

For the second quarter of 2021, the company projects adjusted earnings per share to be in the range of $0.49 to $0.53 and GAAP revenue of approximately $162 million to $165 million. Analysts expected the company to report earnings of $0.50 per share and revenues of $158.55 million for the second-quarter.

For the full year 2021, the company expects adjusted earnings per share to be in the range of $2.04 to $2.19 and GAAP revenue of approximately $645 million to $655 million. Wall Street currently is looking for fiscal year 2021 earnings of $2.11 per share on annual revenues of $644.35 million.

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