Regal Rexnord (NYSE:RRX) Announces Earnings Results, Beats Expectations By $0.04 EPS

Regal Rexnord (NYSE:RRX) released its quarterly earnings results on Monday. The company reported $2.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.04, Briefing.com reports. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.10 earnings per share. Regal Rexnord updated its FY24 guidance to $9.15-$9.45 EPS.

Regal Rexnord Price Performance

RRX stock traded down $0.67 during midday trading on Tuesday, reaching $169.55. The company had a trading volume of 620,663 shares, compared to its average volume of 447,524. Regal Rexnord has a 1-year low of $100.00 and a 1-year high of $183.85. The stock has a 50 day moving average price of $165.20 and a 200-day moving average price of $156.13. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38. The company has a market capitalization of $11.28 billion, a price-to-earnings ratio of -8,341.50, a price-to-earnings-growth ratio of 1.78 and a beta of 1.04.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is currently -7,000.00%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays upped their price target on Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Robert W. Baird upped their target price on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Loop Capital restated a “buy” rating and issued a $200.00 price target on shares of Regal Rexnord in a report on Thursday, September 19th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Regal Rexnord has an average rating of “Moderate Buy” and a consensus price target of $193.63.

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.