Loar (NYSE:LOAR) Updates 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 FY25 guidance to $0.45-0.50 EPS.

Analysts Set New Price Targets

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

Loar Stock Down 1.3 %

LOAR stock opened at $88.11 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.86 and a quick ratio of 3.09. Loar has a one year low of $42.57 and a one year high of $95.35. The company’s 50 day moving average price is $78.25 and its two-hundred day moving average price is $65.69.

Loar (NYSE:LOAR) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $91.70 million. Loar’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 year.

About Loar

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.