Barnes Group Inc. (NYSE:B) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.83%.
Barnes Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 2.44% to $0.40 in the quarter versus EPS of $0.41 in the year-earlier quarter.
Revenue: Decreased 13.06% to $263.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Barnes Group Inc. reported adjusted EPS income of $0.40 per share. By that measure, the company missed the mean analyst estimate of $0.48. It missed the average revenue estimate of $335.88 million.
Quoting Management: “Barnes Group delivered a solid first quarter of performance to begin the year,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “We’ve continued to drive margin expansion through the successful execution of our corporate strategy to deliver sustainable profitable growth.” Dempsey continued, “As we realign into two business segments, we are excited about the intensified focus on our manufacturing and engineering capabilities and the opportunity to accelerate our pipeline of growth initiatives and new product introductions. Building on this positive momentum, we expect continued sales and profitability expansion for the year.”
Key Stats (on next page)…