Regal Rexnord (NYSE:RRX) Updates FY24 Earnings Guidance

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

Regal Rexnord Trading Up 1.2 %

Shares of RRX opened at $165.79 on Thursday. 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 has a 1-year low of $97.18 and a 1-year high of $183.85. The stock has a market capitalization of $11.03 billion, a P/E ratio of -345.40, a P/E/G ratio of 1.56 and a beta of 1.04. The business’s 50-day moving average price is $155.31 and its 200 day moving average price is $156.87.

Regal Rexnord (NYSE:RRX) last released its earnings results 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. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The firm’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period last year, the firm posted $2.56 earnings per share. Analysts expect that Regal Rexnord will post 9.53 earnings per share for the current year.

Regal Rexnord Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.35 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.84%. Regal Rexnord’s payout ratio is currently -291.67%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Raymond James began coverage on Regal Rexnord in a research report on Friday, June 28th. They set a market perform rating on the stock. StockNews.com upgraded Regal Rexnord from a hold rating to a buy rating in a report on Monday, August 5th. Robert W. Baird raised their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Barclays dropped their price target on shares of Regal Rexnord from $181.00 to $180.00 and set an overweight rating on the stock in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group lifted their price objective on Regal Rexnord from $176.00 to $195.00 and gave the company a buy rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Regal Rexnord presently has an average rating of Moderate Buy and an average target price 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.