(Corrects paragraph 4 to say the company's revised outlook
excludes, not includes, the dilutive impact its Synventive
July 27 Diversified manufacturer Barnes Group
Inc reported lower-than-expected quarterly results, hurt
by lower sales at its aerospace and industrial divisions, and
trimmed its 2012 outlook.
The company, which makes industrial and aerospace
components, cut the upper end of its full-year earnings forecast
to $1.88 per share from $1.93. It now expects a 2012 per-share
profit of $1.78 to $1.88.
Barnes said it expects sales to grow 3 to 5 percent in 2012,
down from its earlier estimate of a 6 to 9 percent rise, due to
lower sales of aerospace spare parts in the first half.
The revised outlook excludes the dilutive impact of Barnes'
planned acquisition of Synventive Molding Solutions, it said.
. The deal is expected to add to earnings in
Barnes' net income rose to $24.8 million, or 45 cents a
share, up from $22.3 million, or 40 cents a share, a year ago.
Net sales fell a percent to $293.4 million.
Analysts on average were expecting earnings of 48 cents a
share on revenue of $316.7 million, according to Thomson Reuters
Sales at its aerospace division fell a percent to $93.8
million and industrial sales fell 4 percent to $110.2 million.
Shares of Bristol, Connecticut-based Barnes closed at $22.23
on Thursday on the New York Stock Exchange.
(Reporting by Suzannah Benjamin in Bangalore; Editing by