Loar (NYSE:LOAR) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Loar (NYSE:LOAR) announced its earnings results on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.03, Briefing.com reports. The company had revenue of $97.10 million during the quarter, compared to analyst estimates of $91.70 million. The company’s revenue for the quarter was up 31.2% compared to the same quarter last year. Loar updated its FY24 guidance to $0.44-0.46 EPS and its FY 2024 guidance to 0.440-0.460 EPS.

Loar Price Performance

LOAR stock traded down $0.86 during trading on Wednesday, reaching $73.23. 16,641 shares of the stock were exchanged, compared to its average volume of 316,437. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.09 and a quick ratio of 1.68. The stock has a 50 day simple moving average of $58.25. Loar has a 1 year low of $42.57 and a 1 year high of $75.50.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Loar in a research note on Monday, June 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Citigroup assumed coverage on shares of Loar in a research note on Monday, May 20th. They issued a “buy” rating and a $64.00 price target on the stock. Morgan Stanley raised their price target on shares of Loar from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Royal Bank of Canada assumed coverage on shares of Loar in a research note on Monday, May 20th. They issued an “outperform” rating and a $60.00 price target on the stock.

About Loar

Loar Holdings Inc is a diversified manufacturer and supplier of niche aerospace and defense components for aircraft and aerospace and defense systems. Loar Holdings Inc is based in WHITE PLAINS, NY.