Barnes Group Q4 Profit Down, Sales Up - Quick Facts

(RTTNews) - Aerospace and industrial equipment maker Barnes Group Inc. (B) posted lower fourth-quarter 2013 income from continuing operations of $26.3 million, or $0.47 per share, down from $26.7 million, or $0.49 per share, in the earlier year quarter. Quarterly net income amounted to $26.8 million, or $0.48 per share, versus the prior-year figure of $29.7 million, or $0.54 per share.

On an adjusted basis, income from continuing operations totaled $0.57, up 14% from $0.50 per share a year ago. This excludes the impact of short-term purchase accounting adjustments and transaction costs which were $7.3 million pre-tax, or $0.10 per share in the fourth quarter of 2013 related to the Männer acquisition, and $0.8 million pre-tax, or $0.01 per share in the 2012 fourth quarter related to the Synventive acquisition. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.

For the tri-monthly period, net sales went up 13% to $291.1 million from $258.2 million last year, driven by organic sales growth of 5% and sales contribution from the recently acquired Männer business. Five analysts estimated revenues of $297.54 million for the quarter.

For 2014, the company expects total revenue to grow 14% to 17%, 5% to 8% on an organic basis, and sees adjusted operating margins in the range of 14.5% to 15.5%. GAAP earnings from continuing operations are expected to be in the range of $2.02 to $2.17 per share. Excluding additional Männer short-term purchase accounting adjustments in 2014, adjusted earnings per share on continuing operations are likely to be in the range of $2.15 to $2.30. Seven analysts project 2014 earnings per share of $2.33.