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.
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