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

Fortune Brands Innovations (NYSE:FBIN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $4.25-$4.35 for the period, compared to the consensus EPS estimate of $4.28. The company issued revenue guidance of $4.74-$4.83 billion, compared to the consensus revenue estimate of $4.85 billion. Fortune Brands Innovations also updated its FY 2024 guidance to 4.250-4.350 EPS.

Fortune Brands Innovations Price Performance

Shares of NYSE FBIN traded up $6.57 during mid-day trading on Friday, hitting $78.74. 3,359,184 shares of the stock were exchanged, compared to its average volume of 1,580,916. The company has a market cap of $9.85 billion, a P/E ratio of 24.08, a PEG ratio of 2.62 and a beta of 1.52. The stock’s fifty day simple moving average is $68.23 and its two-hundred day simple moving average is $74.81. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04. Fortune Brands Innovations has a twelve month low of $54.10 and a twelve month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 23.10%. The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $1.07 earnings per share. As a group, analysts forecast that Fortune Brands Innovations will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Friday, August 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Analyst Ratings Changes

Several analysts have recently weighed in on FBIN shares. Robert W. Baird raised their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. Evercore ISI decreased their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an in-line rating on the stock in a research note on Wednesday, May 1st. The Goldman Sachs Group increased their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the company a buy rating in a research note on Friday. Royal Bank of Canada increased their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a sector perform rating in a research note on Friday. Finally, Truist Financial increased their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the company a buy rating in a research note on Friday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $83.11.

About Fortune Brands Innovations

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.