Barnes Group Slashes FY22 Outlook As Q2 Revenues Miss Estimates
(RTTNews) - While reporting financial for the second quarter on Friday, Barnes Group, Inc. (B), a provider of highly engineered products, slashed its adjusted earnings and organic sales growth guidance for the full-year 2022.
For fiscal 2022, the company now projects adjusted earnings in a range of $1.90 to $2.05 per share on organic sales growth of 5 to 6 percent.
Previously, the company expected adjusted earnings in the range of $2.20 to $2.40 per share on organic sales growth of 8 to 10 percent.
On average, three analysts polled by Thomson Reuters expect the company to report earnings of $2.16 per share on revenue growth of 6.5 percent to $1.34 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported a net loss of $39.55 million or $0.78 per share, compared to net income of $24.49 million or $0.48 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.56 per share, compared to $0.45 per share in the year-ago quarter.
Net sales for the quarter edged up to $321.27 million from $321.16 in the same quarter last year. Organic sales were up 5 percent.
The Street was looking for earnings of $0.48 per share on revenues of $329.10 million for the quarter.
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