Kontoor Brands (NYSE:KTB) Releases FY24 Earnings Guidance

Kontoor Brands (NYSE:KTB - Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.83 from $4.80 for the period, compared to the consensus estimate of $4.77. The company issued revenue guidance of $2.60 billion from $2.57 billion to $2.63 billion, compared to the consensus revenue estimate of $2.61 billion. Kontoor Brands also updated its FY 2024 guidance to 4.830-4.830 EPS.

Kontoor Brands Stock Up 11.8 %

Kontoor Brands stock traded up $9.07 during trading hours on Thursday, hitting $85.63. 1,488,909 shares of the stock traded hands, compared to its average volume of 482,292. The firm's 50-day moving average price is $77.36 and its two-hundred day moving average price is $71.05. The company has a current ratio of 2.74, a quick ratio of 1.43 and a debt-to-equity ratio of 2.04. The company has a market cap of $4.78 billion, a PE ratio of 21.30, a PEG ratio of 2.04 and a beta of 1.20. Kontoor Brands has a one year low of $39.90 and a one year high of $89.76.

Kontoor Brands (NYSE:KTB - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.10. Kontoor Brands had a net margin of 9.35% and a return on equity of 72.43%. The company had revenue of $607.00 million during the quarter, compared to analyst estimates of $592.97 million. During the same period last year, the business earned $0.77 EPS. Kontoor Brands's quarterly revenue was down 1.5% compared to the same quarter last year. On average, research analysts forecast that Kontoor Brands will post 4.8 EPS for the current year.

Kontoor Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.52 per share. This is a boost from Kontoor Brands's previous quarterly dividend of $0.50. The ex-dividend date is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.43%. Kontoor Brands's payout ratio is presently 52.66%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on KTB shares. Guggenheim raised their price objective on shares of Kontoor Brands from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. UBS Group lifted their target price on Kontoor Brands from $90.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Stifel Nicolaus lifted their target price on Kontoor Brands from $80.00 to $89.00 and gave the stock a "buy" rating in a report on Monday, October 7th. Barclays lifted their target price on Kontoor Brands from $76.00 to $83.00 and gave the stock an "overweight" rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company lifted their target price on Kontoor Brands from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.00.

About Kontoor Brands

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.