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

Regal Rexnord (NYSE:RRX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 9.400-9.800 for the period, compared to the consensus 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 Stock Performance

Shares of RRX stock opened at $169.67 on Friday. The business’s 50-day moving average price is $156.45 and its 200-day moving average price is $156.91. Regal Rexnord has a 12 month low of $97.18 and a 12 month high of $183.85. The firm has a market capitalization of $11.29 billion, a price-to-earnings ratio of -353.48, a PEG ratio of 1.64 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91.

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

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is currently -291.67%.

Analysts Set New Price Targets

RRX has been the topic of a number of recent analyst reports. StockNews.com lowered Regal Rexnord from a buy rating to a hold rating in a research note on Thursday. Raymond James initiated coverage on Regal Rexnord in a research note on Friday, June 28th. They issued a market perform rating on the stock. Loop Capital reiterated a buy rating and issued a $200.00 target price on shares of Regal Rexnord in a report on Thursday. The Goldman Sachs Group lifted their target price on Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a report on Friday, August 2nd. Finally, Robert W. Baird lifted their target price on Regal Rexnord from $208.00 to $213.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Regal Rexnord presently has a consensus rating of Moderate Buy and a consensus target price of $191.29.

About Regal Rexnord

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.