Loar (NYSE:LOAR) Issues Earnings Results, Beats Estimates By $0.03 EPS

Loar (NYSE:LOAR) issued its quarterly earnings results on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.03, Briefing.com reports. The business had revenue of $97.10 million during the quarter, compared to analyst estimates of $91.70 million. The company’s quarterly revenue was up 31.2% on a year-over-year basis. Loar updated its FY24 guidance to $0.44-0.46 EPS and its FY 2024 guidance to 0.440-0.460 EPS.

Loar Stock Performance

Shares of LOAR traded down $0.30 during mid-day trading on Wednesday, reaching $73.79. The company’s stock had a trading volume of 280,754 shares, compared to its average volume of 319,913. The business’s 50-day moving average price is $58.58. The company has a quick ratio of 1.68, a current ratio of 3.09 and a debt-to-equity ratio of 1.26. Loar has a 1-year low of $42.57 and a 1-year high of $75.75.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Jefferies Financial Group initiated coverage on Loar in a research report on Monday, June 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Morgan Stanley upped their price objective on Loar from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Royal Bank of Canada raised their target price on shares of Loar from $65.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Citigroup started coverage on shares of Loar in a research report on Monday, May 20th. They set a “buy” rating and a $64.00 price target on the stock.

Loar Company Profile

Loar Holdings Inc is a diversified manufacturer and supplier of niche aerospace and defense components for aircraft and aerospace and defense systems. Loar Holdings Inc is based in WHITE PLAINS, NY.