Regal Rexnord (NYSE:RRX) Announces Earnings Results, Beats Expectations By $0.01 EPS

Regal Rexnord (NYSE:RRX) released its quarterly earnings results on Monday. The company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01, Briefing.com reports. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. Regal Rexnord had a return on equity of 9.53% and a net margin of 3.41%. Regal Rexnord’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.10 EPS. Regal Rexnord updated its FY24 guidance to $9.15-$9.45 EPS.

Regal Rexnord Trading Up 8.1 %

Regal Rexnord stock traded up $13.66 during mid-day trading on Wednesday, hitting $181.63. 1,087,022 shares of the company’s stock were exchanged, compared to its average volume of 452,236. The firm has a market capitalization of $12.09 billion, a P/E ratio of 53.03, a PEG ratio of 1.80 and a beta of 1.04. Regal Rexnord has a fifty-two week low of $100.00 and a fifty-two week high of $185.28. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. The company’s 50 day simple moving average is $165.24 and its 200-day simple moving average is $156.19.

Regal Rexnord Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.77%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s payout ratio is presently 44.16%.

Analyst Upgrades and Downgrades

RRX has been the topic of a number of recent research reports. Loop Capital reiterated a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a research report on Thursday, September 19th. StockNews.com upgraded Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird decreased their price objective on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday. Citigroup initiated coverage on Regal Rexnord in a research report on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective on the stock. Finally, KeyCorp decreased their price objective on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

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.