Fortune Brands Innovations (NYSE:FBIN) Issues FY24 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.20 to $4.40 for the period, compared to the consensus earnings per share estimate of $4.29. The company issued revenue guidance of approx $4.79 billion to $4.88 billion, compared to the consensus revenue estimate of $4.85 billion. Fortune Brands Innovations also updated its FY 2024 guidance to 4.200-4.400 EPS.

Fortune Brands Innovations Stock Performance

Shares of FBIN stock traded down $2.15 during trading hours on Tuesday, reaching $73.10. The company had a trading volume of 1,238,839 shares, compared to its average volume of 1,065,721. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.89 and a current ratio of 1.70. The business has a fifty day moving average price of $79.63 and a 200-day moving average price of $74.16. Fortune Brands Innovations has a one year low of $54.10 and a one year high of $84.92. The firm has a market cap of $9.19 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 2.11 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.02. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Fortune Brands Innovations had a return on equity of 22.61% and a net margin of 8.74%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $1.07 earnings per share. Sell-side analysts predict that Fortune Brands Innovations will post 4.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. BMO Capital Markets reaffirmed a market perform rating and set a $82.00 price target (up previously from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Oppenheimer assumed coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They issued a market perform rating for the company. Robert W. Baird reduced their price objective on Fortune Brands Innovations from $86.00 to $85.00 and set a neutral rating on the stock in a research note on Thursday, April 18th. Finally, Barclays raised their price objective on Fortune Brands Innovations from $87.00 to $95.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations presently has an average rating of Hold and an average target price of $79.25.

Insider Activity at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction on Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the sale, the director now owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.99% of the stock is owned by company insiders.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.