Barnes Group Q3 Profit Down, Expects Adj. FY15 Earnings Below Estimates

(RTTNews) - Barnes Group Inc. (B) Friday announced a slight decline in earnings for the third quarter and missed estimates. Net sales was down 8.3 percent from the prior year. The company said negative organic growth and unfavorable foreign exchange impacted the results.

Third quarter net income declined to $33.67 million from $33.88 million last year. Earnings per share was down at $0.61, compared to $0.62 last year. On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.64 per share. Analysts estimates usually exclude special items.

Net Sales for the quarter decreased to $291.43 million from $317.66 million in the previous year. Wall Street was looking for $316.30 million.

Looking ahead, the company reduced its organic growth outlook for the full year to around one percent from the previous expectation of 4 to 6 percent, while total revenue is projected to decline 3 to 4 percent, reflecting foreign exchange impact of 5 percent. Earnings is expected to be in the range of $2.40 to $2.45 per share and adjusted earnings is projected to be $2.42 to $2.47. The adjusted earnings outlook represents a growth of 3 to 5 percent from prior year earnings of $2.34 per share. Analysts expect $2.49 per share on revenue of $1.27 billion.