Loar (NYSE:LOAR) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Loar (NYSE:LOAR) released its earnings results on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.03, Briefing.com reports. The firm had revenue of $97.10 million during the quarter, compared to the consensus estimate of $91.70 million. The business’s revenue was up 31.2% on a year-over-year basis. Loar updated its FY24 guidance to $0.44-0.46 EPS and its FY 2024 guidance to 0.440-0.460 EPS.

Loar Price Performance

Shares of LOAR stock traded up $0.41 during mid-day trading on Wednesday, hitting $74.50. The stock had a trading volume of 274,270 shares, compared to its average volume of 319,827. The company has a current ratio of 3.09, a quick ratio of 1.68 and a debt-to-equity ratio of 1.26. Loar has a 12-month low of $42.57 and a 12-month high of $75.75. The stock has a 50-day moving average of $58.58.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LOAR shares. Morgan Stanley raised their price objective on shares of Loar from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group initiated coverage on Loar in a research note on Monday, June 3rd. They set a “buy” rating and a $65.00 price target for the company. Royal Bank of Canada upped their price objective on Loar from $65.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Citigroup assumed coverage on Loar in a research report on Monday, May 20th. They set a “buy” rating and a $64.00 target price for the company.

About Loar

Loar Holdings Inc is a diversified manufacturer and supplier of niche aerospace and defense components for aircraft and aerospace and defense systems. Loar Holdings Inc is based in WHITE PLAINS, NY.