Barnes Q1 Profit Declines, But Beats View; Raises Full-year Out

(RTTNews) - Barnes Group Inc. (B), a provider of engineered products, industrial technologies, and solutions, Friday reported significantly lower profit than last year despite growth in revenue. This was primarily due to higher interest expense. However, the company's earnings as well as revenue beat analysts' view. Barnes also raised its full-year earnings outlook.

Net income for the first quarter declined to $1.9 million, or $0.04 per share from $13.2 million, or $0.26 per share in the prior year.

Excluding one-time items, earnings of $0.38 per beat the average estimate of analysts polled by Thomson-Reuters of $0.36 per share. Analysts' estimates typically exclude special items.

Sales for the quarter grew 28.4 percent year on year to $431 million. The consensus estimate was for $427.89 million.

For the full year, Barnes now expects adjusted earnings per share to be in the range of $1.62 - $1.82, up from the previous outlook of $1.55 - $1.80.

The company now sees organic sales growth in the range of 5 percent to 8 percent. This compares with the previous outlook of 4 percent to 8 percent.