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

Regal Rexnord (NYSE:RRX) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 9.400-9.800 for the period, compared to the consensus EPS 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 Trading Up 1.2 %

Regal Rexnord stock opened at $165.79 on Thursday. 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 $11.03 billion, a price-to-earnings ratio of -345.40, a P/E/G ratio of 1.56 and a beta of 1.04. The firm has a 50 day moving average of $155.31 and a 200 day moving average of $156.87. 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 (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the prior year, the company posted $2.56 earnings per share. The company’s revenue for the quarter was down 12.5% compared to the same quarter last year. As a group, research analysts predict that Regal Rexnord will post 9.53 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid 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 0.84%. Regal Rexnord’s payout ratio is -291.67%.

Wall Street Analyst Weigh In

Several research firms have recently commented on RRX. StockNews.com raised shares of Regal Rexnord from a hold rating to a buy rating in a report on Monday, August 5th. Raymond James assumed coverage on shares of Regal Rexnord in a research note on Friday, June 28th. They issued a market perform rating on the stock. KeyCorp cut their price objective on 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 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, Barclays dropped their price target on Regal Rexnord from $181.00 to $180.00 and set an overweight rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus 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.