Regal Rexnord (NYSE:RRX) Updates 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 Price Performance

Shares of NYSE:RRX opened at $174.41 on Friday. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of -363.35, a P/E/G ratio of 1.64 and a beta of 1.04. The business has a fifty day simple moving average of $155.97 and a 200 day simple moving average of $157.00. Regal Rexnord has a 1 year low of $97.18 and a 1 year high of $183.85. 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 data on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $1.51 billion. During the same quarter last year, the firm earned $2.56 EPS. Regal Rexnord’s revenue for the quarter was down 12.5% compared to the same quarter last year. As a group, sell-side analysts predict that Regal Rexnord will post 9.53 earnings per share 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. Shareholders of record on Friday, September 27th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.80%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is -291.67%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RRX. StockNews.com cut shares of Regal Rexnord from a buy rating to a hold rating in a research report on Thursday. KeyCorp reduced their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an overweight rating for the company in a research report on Monday, July 15th. The Goldman Sachs Group lifted their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price objective on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, Barclays lowered their price objective on shares of Regal Rexnord from $181.00 to $180.00 and set an overweight rating for the company in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average 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.