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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Barnes Group To Be Taken Private By Apollo Global Management In $3.6 Bln All-cash Deal
Barnes Group To Acquire MB Aerospace
Barnes Group Slashes FY22 Outlook As Q2 Revenues Miss Estimates
European Stocks Close Lower On Political Concerns, Tariff Worries
U.S. Consumer Confidence Index Edges Lower In August
U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected
Bay Street May Open On Weak Note
