Barnes Group Guides FY23 Adj. EPS Above View; Q4 Profit Down 45%
(RTTNews) - While reporting financial for the fourth quarter on Friday, Barnes Group, Inc. (B), a provider of highly engineered products, initiated its adjusted earnings and organic sales growth guidance for the full-year 2023.
For fiscal 2023, the company now projects earnings in a range of $1.95 to $2.15 per share and adjusted earnings in a range of $2.20 to $2.45 per share on organic sales growth of 6 to 8 percent.
On average, four analysts polled by Thomson Reuters expect the company to report earnings of $2.16 per share on revenue growth of 3.4 percent to $1.31 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company reported net income of $15.57 million or $0.30 per share, up from $28.14 million or $0.55 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.52 per share, compared to $0.55 per share in the year-ago quarter.
Net sales for the quarter edged up 0.8 percent to $313.47 million from $311.00 in the same quarter last year. Organic sales were up 5 percent.
The Street was looking for earnings of $0.49 per share on revenues of $322.63 million for the quarter.
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