Fortune Brands Innovations (NYSE:FBIN) Releases FY24 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.25-$4.35 for the period, compared to the consensus estimate of $4.28. The company issued revenue guidance of $4.74-$4.83 billion, compared to the consensus revenue estimate of $4.85 billion. Fortune Brands Innovations also updated its FY 2024 guidance to 4.250-4.350 EPS.

Fortune Brands Innovations Price Performance

NYSE FBIN traded up $6.57 during mid-day trading on Friday, hitting $78.74. The stock had a trading volume of 3,359,184 shares, compared to its average volume of 1,580,916. Fortune Brands Innovations has a 52-week low of $54.10 and a 52-week high of $84.92. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 24.08, a P/E/G ratio of 2.62 and a beta of 1.52. The company has a 50 day simple moving average of $68.23 and a 200 day simple moving average of $74.81. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a return on equity of 23.10% and a net margin of 9.39%. Fortune Brands Innovations’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share. Equities analysts forecast that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.22%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Analyst Ratings Changes

FBIN has been the topic of several analyst reports. Robert W. Baird lifted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a neutral rating in a report on Wednesday, May 1st. The Goldman Sachs Group lifted their target price on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a buy rating in a report on Friday. Barclays lifted their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an overweight rating in a report on Friday. Royal Bank of Canada lifted their target price on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a report on Friday. Finally, Evercore ISI reduced their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of Hold and a consensus target price of $83.11.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.