Barnes Group Q2 Earnings Surge On Improved Revenue

(RTTNews) - Barnes Group Inc. (B) on Friday reported second-quarter results by logging net income of $24.5 million, or $0.48 per share, up from $0.6 million, or $0.01 per share, in the same quarter a year ago.

Excluding items, earnings were $0.45 per share compared with $0.27 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share.

Sales for the quarter increased 36% year-over-year to $321.16 million from $235.54 million as many of its end markets continued to improve. Foreign exchange also helped sales by 5%, the company said in a statement.

The consensus estimate for sales was for $304.15 million.

Looking forward, the company expects full-year adjusted EPS to be in the range of $1.83 to $1.98, an increase at the lower end of the prior range of $1.78 to $1.98. Analysts expect earnings of $1.91 per share for the period.

Barnes Group expects 2021 organic sales to be up 11% to 12%, up from the prior 10% to 12% expectation.