Barnes Q3 Profit Misses Estimates, Organic Sales Up 4%; Lowers 2023 Earnings Outlook

(RTTNews) - Barnes Group Inc. (B) reported a net loss for the third quarter of $21.7 million, or $0.43 per share, compared to net income of $17.0 million, or $0.33 per share, a year ago. On an adjusted basis, net income per share was $0.19, down 61% from $0.49 a year ago. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.48, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales were $361 million, up 15% compared to the prior year period, with organic sales up 4%. Analysts on average had estimated $356.5 million in revenue.

Barnes projects organic sales growth of 5% to 6% for 2023. Adjusted earnings are expected to be in the range of $1.57 to $1.67 per share, a decrease from previous outlook primarily driven by impacts from MB Aerospace acquisition and a lower Industrial forecast.

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