Barnes Group Q3 Profit Down, Adj. EPS Meets View; Cuts Higher End Of FY22 Earnings View Range

(RTTNews) - Barnes Group, Inc. (B), a provider of highly engineered products, reported Friday that its third-quarter net income fell to $17.0 million or $0.33 per share from last year's $27.9 million or $0.55 per share.

On an adjusted basis, net income per share was $0.49, compared to $0.55 a year ago.

On average, four analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net sales of $314.74 million were down 3.2 percent from last year's $325.06 million. Organic sales increased 2 percent.

Analysts estimated sales of $324.92 million for the quarter.

Looking ahead for fiscal 2022, Barnes now expects adjusted earnings in the range of $1.90 to $2.00 per share, down 2 percent to up 3 percent from 2021's adjusted earnings of $1.94 per share.

Previously, the company projected adjusted earnings in a range of $1.90 to $2.05 per share.

Barnes continues to expect organic sales growth of 5 percent to 6 percent for the current year.

Analysts estimate earnings of $1.96 per share for the year.

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