Loar (NYSE:LOAR) Issues FY24 Earnings Guidance

Loar (NYSE:LOAR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.35-0.37 for the period, compared to the consensus earnings per share estimate of $0.42. The company issued revenue guidance of $390-394 million, compared to the consensus revenue estimate of $386.15 million. Loar also updated its FY 2024 guidance to 0.350-0.370 EPS.

Loar Stock Down 9.8 %

NYSE LOAR traded down $8.60 on Wednesday, reaching $79.51. The company had a trading volume of 116,506 shares, compared to its average volume of 294,770. The company has a current ratio of 4.86, a quick ratio of 3.09 and a debt-to-equity ratio of 0.33. Loar has a 52 week low of $42.57 and a 52 week high of $95.35. The stock’s 50 day moving average is $78.25 and its 200-day moving average is $65.69.

Loar (NYSE:LOAR) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.03. The firm had revenue of $97.10 million for the quarter, compared to the consensus estimate of $91.70 million. Loar’s revenue for the quarter was up 31.2% on a year-over-year basis. As a group, analysts predict that Loar will post 0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LOAR has been the topic of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of Loar in a research report on Monday, October 7th. Morgan Stanley upped their price target on shares of Loar from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Finally, Citigroup raised their price objective on shares of Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th.

Loar Company Profile

Loar Holdings Inc, through its subsidiaries, designs, manufactures, and markets aerospace and defense components for aircraft, and aerospace and defense systems in the United States and internationally. It offers products in various categories, which include airframe components, structural components, avionics, composites, braking system components, de-ice and ice protection, electro-mechanical, engineered materials, flight controls, fluid and motion controls, environmental, metal forming, molded components, and restraints and safety devices.