Barnes Group Profit Up, But Earnings Forecast Less Than Estimate
BRISTOL, Conn. (AP) _ Barnes Group Inc., which makes aerospace and industrial components, said Friday its profit climbed 86 percent in the fourth quarter as the effects of the global economic slump eased and its business improved.
But it forecast earnings for this year that fell short of current Wall Street estimates.
The company said its net income grew to $11.5 million, or 21 cents per share, for the three months ended Dec. 31 from $6.2 million, or 11 cents per share, a year ago. Revenue rose 10 percent to $283.3 million from $256.5 million.
Analysts expected a larger profit of 24 cents per share on lower revenue of $277.4 million, according to FactSet.
A year ago, Barnes Group’s results were hurt by weakening demand. In the most recent quarter, the company said revenue from its logistics and manufacturing business rose 6 percent to $135.8 million. The North American distribution business reported better sales, and Barnes Group said it saw slight improvement in aerospace aftermarket.
Revenue from its precision components business grew 15 percent to $149.5 million as results from its North American and European industrial manufacturing and transportation business improved.
For the year, the company said its net income rose 37 percent to $53.3 million, or 95 cents per share, from $39 million, or 72 cents per share, in 2009. Revenue increased 10 percent to $1.13 billion from $1.03 billion.
Barnes Group said it expects to earn $1.15 to $1.30 per share in 2011. It said revenue will grow between 5 and 8 percent, which implies a total of $1.19 billion to $1.22 billion. Analysts are forecasting a profit of $1.33 per share and $1.21 billion in revenue on average.
(Copyright 2011 by The Associated Press. All Rights Reserved.)