Regal Rexnord (NYSE:RRX) Issues 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 Stock Performance

RRX opened at $163.75 on Wednesday. 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 stock has a market capitalization of $10.90 billion, a price-to-earnings ratio of -341.15, a PEG ratio of 1.56 and a beta of 1.04. The company has a fifty day moving average of $154.74 and a 200 day moving average of $156.81. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.56 earnings per share. As a group, sell-side analysts forecast 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. Stockholders of record on Friday, September 27th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, September 27th. This represents a $1.40 annualized dividend and a dividend yield of 0.85%. Regal Rexnord’s dividend payout ratio (DPR) is -291.67%.

Wall Street Analysts Forecast Growth

RRX has been the topic of several research reports. KeyCorp reduced their price target 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. StockNews.com upgraded shares of Regal Rexnord from a hold rating to a buy rating in a report on Monday, August 5th. Robert W. Baird increased their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a report on Friday, August 2nd. Raymond James initiated coverage on Regal Rexnord in a research note on Friday, June 28th. They set a market perform rating on the stock. Finally, The Goldman Sachs Group raised their price objective on Regal Rexnord from $176.00 to $195.00 and gave the company a buy rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Regal Rexnord currently 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.