Barnes Group Q2 Profit Matches Estimates; Updates FY14 Guidance

(RTTNews) - Barnes Group Inc. (B) reported second-quarter income from continuing operations of $30.23 million or $0.54 per share, compared to $9.20 million or $0.17 per share, last year. Total earnings per share was $0.54, compared to $3.82, last year. Income from continuing operations per share as adjusted was $0.59 for the quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.59 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $322.07 million from $267.39 million, prior year. Analysts expected revenue of $315.70 million for the quarter.

Barnes Group now expects 2014 total revenue to grow 15% to 17%, 5% to 7% on an organic basis. GAAP earnings from continuing operations are expected to be in the range of $2.03 to $2.13 per share. Excluding Männer short-term purchase accounting adjustments and the Saline closure costs, adjusted earnings per share from continuing operations are anticipated to be in the range of $2.23 to $2.33. Analysts expect the company to report 2014 profit per share of $2.26.