Barnes Group Trims FY21 Adj. EPS Outlook; Q3 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial for the third quarter on Friday, Barnes Group, Inc. (B), a provider of highly engineered products, trimmed its adjusted earnings guidance for the full-year 2021.

For fiscal 2021, the company now projects adjusted earnings in a range of $1.83 to $1.93 per share on organic sales growth of 11 to 12 percent.

Previously, the company expected adjusted earnings in a range of $1.83 to $1.98 per share on organic sales growth of 11 to 12 percent. On average, five analysts polled by Thomson Reuters expect the company to report earnings of $1.90 per share on revenue growth of 12.7 percent to $1.27 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income of $27.86 million or $0.55 per share, up from $15.36 million or $0.30 per share in the prior-year quarter. Net sales for the quarter increased 21 percent to $325.06 million from $269.06 in the same quarter last year. Organic Sales were up 20 percent.

The Street was looking for earnings of $0.51 per share on revenues of $319.31 million for the quarter.