Barnes Q1 Profit Rises, Tops Estimates; Cuts FY22 Adj. EPS View; Backs Sales Growth View

(RTTNews) - Barnes Group, Inc. (B), a provider of highly engineered products, reported Friday that its first-quarter net income grew 5.7 percent to $20.48 million or $0.40 per share from last year's $19.4 million or $0.38 per share.

Adjusted net income per share was $0.41, compared to $0.38 a year ago.

On average, five analysts polled by Thomson Reuters expected earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales grew 3.6 percent to $312.38 million from $301.63 million last year. Organic sales increased 6 percent. Analysts expected sales of $306.63 million.

Looking ahead for fiscal 2022, the company now expects adjusted earnings in the range of $2.20 to $2.40 per share, up 13 percent to 24 percent from last year's $1.94 per share.

Analysts expect earnings of $2.27 per share for the year.

The updated adjusted earnings per share forecast is $0.05 lower at the high end of previous range of $2.20 to $2.45 per share, reflecting the macroeconomic headwinds in Industrial segment.

Further, with solid first quarter orders, Barnes continues to expect 2022 organic sales growth of 8 percent to 10 percent and negative foreign exchange of approximately 2 percent.

Adjusted operating margin is now forecast to be in the range of 12.5 percent to 13.5 percent, down slightly from prior view given ongoing supply chain and inflationary pressures.