Barnes Group Q1 Adj. Profit Tops View; Lifts FY15 Earnings Outlook - Quick Facts

(RTTNews) - Aerospace and industrial manufacturer Barnes Group, Inc. (B) Friday reported first-quarter net income of $29.1 million, or $0.52 per share, up from $22.8 million, or $0.41 per share, last year.

On an adjusted basis, net income for the latest quarter was $0.53 per share, up 6% from $0.50 per share, a year ago. On average, 7 analysts polled by Thomson Reuters expected the company to report profit per share of $0.52 for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales of $300.57 million were down 4% from $312.10 million in the first quarter of 2014, as positive organic growth of 3% was more than offset by unfavorable foreign exchange of 6%. Five analysts projected revenue of $313.76 million for the quarter.

Looking ahead to 2015, the Group now expects GAAP earnings from continuing operations to be in the range of $2.43 to $2.58 per share, total revenue growth of 1% to 3% and organic revenue growth of 6% to 8%. Excluding an approximate $0.02 of remaining Männer short-term purchase accounting adjustments, adjusted earnings per share from continuing operations are projected to be in the range of $2.45 to $2.60. Analysts expect the company to report annual profit per share of $2.50.

Previously, the company expected GAAP earnings from continuing operations to be in the range of $2.40 to $2.55 per share, total revenue growth of 3% to 6% and organic revenue growth of 6% to 9%. Excluding an approximate $0.02 of remaining Männer short-term purchase accounting adjustments, adjusted earnings per share from continuing operations were projected to be in the range of $2.42 to $2.57.