Barnes Group Updates 2019 Guidance - Quick Facts

(RTTNews) - Barnes Group Inc. (B) said it now expects flat 2019 total revenue growth, with an organic sales decline of low-single digits, down from the company's prior expectation of slightly positive organic growth. On an adjusted basis, excluding approximately $0.08 of Gimatic short term purchase accounting adjustments, earnings per share are now expected to be $3.18 to $3.23. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.12. Analysts' estimates typically exclude special items.

Third-quarter net income was $45.8 million, or $0.89 per share, compared to $39.1 million, or $0.75 per share, a year ago. Net income per share was up 14 percent from an adjusted $0.78 a year ago. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.79, for the quarter.

Net sales of $373 million in the third quarter were up 1 percent from $370 million in the prior year period, with organic sales down 1 percent. Analysts expected revenue of $375.65 million for the quarter.