Barnes Group Q2 Profit Increases, Sees FY17 Above Analysts' View

(RTTNews) - Barnes Group Inc. (B) Friday announced an increase in second quarter net income to $45.03 million from $33.21 million a year ago. On a per share basis, earnings climbed to $0.14 from $0.13 in the prior year. On an adjusted basis, earnings were $0.81 per share.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.69 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased 19 percent to $364.49 million from $306.69 million in the same period last year. Organic sales were up 11 percent. Wall Street expected $335.82 million.

Looking ahead to the full year 2017, Barnes Group expects adjusted earnings from continuing operations to be in a range of $2.80 to $2.90 per share, up 11 to 15 percent from last year. Wall Street is looking for $2.78 per share on revenue of $1.34 billion.

The company expects revenue growth of 14 to 15 percent on organic basis and 9 to 10 percent on acquisition revenues.