Loar (NYSE:LOAR) Issues FY24 Earnings Guidance

Loar (NYSE:LOAR) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Price Performance

Shares of Loar stock opened at $82.17 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.09 and a current ratio of 4.86. The business has a 50-day moving average of $78.45 and a 200 day moving average of $65.80. Loar has a 12 month low of $42.57 and a 12 month high of $95.35.

Loar (NYSE:LOAR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $91.70 million. The company’s quarterly revenue was up 31.2% compared to the same quarter last year. Equities analysts anticipate that Loar will post 0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on LOAR. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Loar in a research note on Thursday. Morgan Stanley boosted their price target on Loar from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Finally, Citigroup increased their price objective on Loar from $64.00 to $88.00 and gave the stock a “buy” rating in a research 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.