Fortune Brands Innovations (NYSE:FBIN) Issues FY 2024 Earnings Guidance

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.200-4.400 for the period, compared to the consensus EPS estimate of 4.290. The company issued revenue guidance of $4.8 billion-$4.9 billion, compared to the consensus revenue estimate of $4.9 billion. Fortune Brands Innovations also updated its FY24 guidance to $4.20 to $4.40 EPS.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded down $2.15 during midday trading on Tuesday, hitting $73.10. The stock had a trading volume of 1,238,839 shares, compared to its average volume of 1,065,721. The company has a market capitalization of $9.19 billion, a PE ratio of 23.06, a P/E/G ratio of 2.11 and a beta of 1.57. The stock has a 50 day moving average price of $79.63 and a two-hundred day moving average price of $74.16. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. Fortune Brands Innovations has a 1 year low of $54.10 and a 1 year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.02. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. As a group, equities analysts predict that Fortune Brands Innovations will post 4.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Fortune Brands Innovations news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the transaction, the director now owns 2,435 shares in the company, valued at $197,478.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.99% of the stock is currently 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.