Barnes Q1 Profit Down, Adj. EPS Tops View; Cuts FY19 Earnings View - Quick Facts

(RTTNews) - Barnes Group Inc. (B), a provider of highly engineered products, reported Friday that its first-quarter net income was $34.0 million, down 12.4 percent from $38.8 million a year ago. Earnings per share dropped 9.7 percent to $0.65 from $0.72 last year.

On an adjusted basis, net income per share was $0.71, compared to $0.72 a year ago.

Net sales increased 2.7 percent to $376.69 million from $366.66 million in the prior year, driven by acquisition sales of 5 percent and organic sales growth of 1 percent.

On average, six analysts polled by Thomson Reuters expected earnings of $0.69 per share on sales of $374.04 million. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2019, the company now expects adjusted earnings per share to be $3.23 to $3.35, approximately flat to up 4 percent from 2018's adjusted earnings per share of $3.22. The company previously expected adjusted earnings per share for the year to be $3.25 to $3.40.

Analysts expect earnings of $3.27 per share for the year.

Earnings on a reported basis are expected to be in the range of $3.15 to $3.27 per share, down from prior expectation of $3.17 to $3.32 per share.

Further, the Company continues to expect 2019 total revenue growth of 4 percent to 6 percent, with organic sales growth of 1 percent to 3 percent.

Adjusted operating margin is expected to be between 15.5 percent and 16.0 percent, down slightly from prior expectation.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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