Barnes Group Q1 Profit Rises; Updates 2018 Outlook

(RTTNews) - Barnes Group Inc. (B) reported that its net income for the first quarter 2018 increased to $38.8 million, or $0.72 per share, from $38.3 million, or $0.70 per share, a year ago. Net income per share was up 1% from an adjusted $0.71 last year, which excluded $0.01 of FOBOHA short-term purchase accounting adjustments in our Industrial Segment.

First quarter 2018 net sales of $367 million were up 7% from $342 million in the prior year period driven by favorable foreign exchange of approximately 5%, organic sales growth of 1%, and acquisition sales of 1%.

Analysts polled by Thomson Reuters expected the company to report earnings of $ 0.68 per share and revenues of $363.97 million for the quarter. Analysts' estimates typically exclude special items.

Barnes Group now expects 2018 total revenue growth of 5% to 6%, with organic sales growth of 3% to 4%. Foreign exchange is anticipated to benefit revenues by approximately 2% for the year. Earnings are expected to be in the range of $3.03 to $3.15 per share, up 5% to 9% from 2017's adjusted earnings per share of $2.88. Wall Street currently is looking for fiscal year 2018 earnings of $3.04 per share on annual revenues of $1.51.billion.

The company said in February that it expected 2018 total revenue growth of 4% to 6%, with organic sales growth of 3% to 5%. Foreign exchange was anticipated to benefit revenues by approximately 1% for the year. Earnings were expected to be in the range of $2.98 to $3.13 per share, up 3% to 9% from 2017's adjusted diluted earnings per share of $2.88.