Barnes Group Q2 EPS Flat, Meets View; Revises FY16 Outlook - Quick Facts

(RTTNews) - Barnes Group Inc. (B), an aerospace and industrial manufacturing and service provider, reported Friday that its second-quarter net income was $33.2 million, down 3 percent from $34.2 million a year ago. Earnings per share remained at $0.61.

On an adjusted basis, net income was $0.63 per share, up 2% from $0.62 last year.

On average, 8 analysts polled by Thomson Reuters expected earnings of $.61 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales of $307 million were down 3% from $315 million in the prior year period. Analysts expected sales of $308.71 million.

Organic sales decreased 6%. Foreign exchange negatively impacted sales by 1%, while the Thermoplay and Priamus acquisitions collectively contributed 4%.

Looking ahead, for fiscal 2016, the company now expects earnings per share of $2.43 to $2.53, up 11% to 16% from $2.19 in 2015, and adjusted earnings per share of $2.46 to $2.56, up 3% to 8% from $2.38 in 2015

Previously the company expected earnings of $2.43 to $2.58 per share. Analysts expect earnings of $2.48 per share.