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CORRECTED-Barnes Group misses Street estimates for 2nd-qtr, cuts outlook
July 27, 2012 / 11:02 AM / 5 years ago

CORRECTED-Barnes Group misses Street estimates for 2nd-qtr, cuts outlook

(Corrects paragraph 4 to say the company’s revised outlook excludes, not includes, the dilutive impact its Synventive Molding acquisition)

July 27 (Reuters) - 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 2013.

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 I/B/E/S.

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 Sreejiraj Eluvangal)

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