Regal Rexnord (NYSE:RRX) Releases FY24 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $9.40-9.80 for the period, compared to the consensus estimate of $9.52.

Regal Rexnord Price Performance

Shares of NYSE RRX opened at $155.77 on Tuesday. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The stock has a market cap of $10.36 billion, a price-to-earnings ratio of -324.51, a PEG ratio of 1.56 and a beta of 1.04. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.38 and a current ratio of 2.45. The firm’s 50-day simple moving average is $154.14 and its 200 day simple moving average is $156.86.

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

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.40 annualized dividend and a yield of 0.90%. Regal Rexnord’s payout ratio is -291.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Robert W. Baird lifted their target price on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Barclays dropped their target price on shares of Regal Rexnord from $181.00 to $180.00 and set an overweight rating on the stock in a research report on Friday, August 2nd. KeyCorp dropped their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an overweight rating on the stock in a research report on Monday, July 15th. The Goldman Sachs Group lifted their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a research report on Friday, August 2nd. Finally, Raymond James assumed coverage on shares of Regal Rexnord in a research report on Friday, June 28th. They set a market perform rating on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $189.83.

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.