Regal Rexnord (NYSE:RRX) Issues FY 2024 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 9.400-9.800 for the period, compared to the consensus EPS estimate of 9.480. The company issued revenue guidance of $6.2 billion-$6.2 billion, compared to the consensus revenue estimate of $6.2 billion.

Regal Rexnord Price Performance

Shares of NYSE:RRX opened at $174.41 on Friday. Regal Rexnord has a 1-year low of $97.18 and a 1-year high of $183.85. The business has a fifty day moving average price of $155.97 and a 200-day moving average price of $157.00. The company has a market capitalization of $11.61 billion, a PE ratio of -363.35, a PEG ratio of 1.64 and a beta of 1.04. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the company earned $2.56 earnings per share. Regal Rexnord’s revenue was down 12.5% on a year-over-year basis. As a group, equities analysts expect that Regal Rexnord will post 9.53 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.80%. Regal Rexnord’s payout ratio is -291.67%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RRX. The Goldman Sachs Group boosted their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a buy rating in a research note on Friday, August 2nd. Robert W. Baird raised their price objective on Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a report on Friday, August 2nd. Barclays decreased their price objective on Regal Rexnord from $181.00 to $180.00 and set an overweight rating on the stock in a report on Friday, August 2nd. KeyCorp decreased their price objective on Regal Rexnord from $210.00 to $190.00 and set an overweight rating on the stock in a report on Monday, July 15th. Finally, Loop Capital restated a buy rating and set a $200.00 price target on shares of Regal Rexnord in a research note on Thursday. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Regal Rexnord has an average rating of Moderate Buy and a consensus target price of $191.29.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.