Barnes Group Updates 2017 Outlook - Quick Facts

(RTTNews) - Barnes Group Inc. (B) announced the company now expects its 2017 total revenue growth of 8% to 9% with organic revenue growth of 5% to 6% after consideration of 1% unfavorable foreign exchange and 4% from acquisition revenues. Adjusted earnings from continuing operations are expected to be in the range of $2.68 to $2.78 per share.

On an adjusted basis, first-quarter net income was $0.71 per share, up 31% from $0.54 last year. First quarter 2017 net sales of $342 million were up 19% from $288 million in the prior year period driven by organic sales growth of 15% and acquisition sales of 5%. Foreign exchange unfavorably impacted sales by 1%.

Patrick Dempsey, CEO of Barnes Group Inc.: "We generated double-digit organic sales growth in both segments, improved our operating margin, and grew backlog. This performance provides us with a greater confidence for 2017 and allows us to raise our outlook for the year."