Loar (NYSE:LOAR) Updates FY24 Earnings Guidance

Loar (NYSE:LOAR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.35-0.37 for the period, compared to the consensus 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 opened at $82.17 on Friday. Loar has a fifty-two week low of $42.57 and a fifty-two week high of $95.35. The stock has a fifty day moving average of $78.45 and a two-hundred day moving average of $65.80. 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 (NYSE:LOAR) last released its earnings results 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 business had revenue of $97.10 million for the quarter, compared to analysts’ expectations of $91.70 million. The company’s revenue was up 31.2% compared to the same quarter last year. Equities research analysts forecast that Loar will post 0.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LOAR. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Loar in a report 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 lifted their price objective on Loar from $64.00 to $88.00 and gave the company a “buy” rating in a research note 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.