Barnes Group Q3 Profit Up; Updates FY13 View - Quick Facts

(RTTNews) - Aerospace and industrial equipment maker Barnes Group Inc. (B), Friday posted a higher profit for the third-quarter, with a 15.9 percent increase in sales. The company updated its full-year guidance.

Income from continuing operations for the third quarter was $21.4 million or $0.39 per share, up from $16 million or $0.30 a year ago.

For the three-month period, including discontinued operations, the company reported net income of $20.9 million or $0.38 per share, compared with $18.4 million or $0.34 per share last year.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales increased to $269.4 million, from prior year's $232.4 million. Analysts expected the company to generate revenues of $279.76 million for the quarter.

Looking forward, the company said it expects full-year 2013 revenue from continuing operations to grow about 16 percent from 2012. Adjusted earnings per share from continuing operations are anticipated to be in the range of $1.75 - $1.80, lower than previous expectations of $1.85 - $1.95. GAAP earnings per share from continuing operations are expected to be in the range of $1.33 to $1.38. Analysts expect the company to report earnings of $1.91 per share for the year.