Barnes Group Posts Higher Q3 Profit - Quick Facts

(RTTNews) - Aerospace and industrial manufacturer Barnes Group, Inc. (B) Friday reported a significant growth in third-quarter 2014 net income to $33.88 million, or $0.61 per share, from $20.91 million, or $0.38 per share, last year.

For the quarter, income from continuing operations was $34.3 million, or $0.62 per share, versus $21.4 million, or $0.39 per share in the prior-year period. In the 2013 third quarter, income from continuing operations included an $8.6 million pre-tax inventory valuation charge related to exchange engine parts within the Aerospace repair and overhaul business. On an adjusted basis, income from continuing operations was $0.64 per share, up 64% from $0.39 a year ago. Third quarter 2014 adjusted earnings from continuing operations exclude the impact of Männer short-term purchase accounting adjustments of $0.9 million pre-tax, or $0.01 per share, and costs related to the close of production operations at Associated Spring's Saline, Michigan facility which were $0.5 million pre-tax, or $0.01 per share, the company said. On average, 7 analysts polled by Thomson Reuters expected the company to report profit per share of $0.58 for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales of $317.7 million were 18% higher than $269.5 million, reported a year ago, driven by the sales contribution from the acquired Männer business and strong organic sales growth of 8%. Five analysts projected revenue of $311.02 million for the quarter.

Looking ahead to 2014, the Group now sees total revenue to grow 15% to 16%, 5% to 6% on an organic basis, and expects adjusted operating margins of around 15.5%. GAAP earnings from continuing operations are likely to be in the range of $2.10 to $2.15 per share. Excluding Männer short-term purchase accounting adjustments and the Saline closure costs, adjusted earnings per share from continuing operations are projected to be in the range of $2.30 to $2.35, up 26% to 28% from 2013's adjusted earnings per share of $1.83. Analysts expect the company to report annual profit per share of $2.27.