Barnes Group (B) Tops Q3 EPS by 3c, Updates FY Guidance

Barnes Group (NYSE: B) reported Q3 EPS of $0.55, $0.03 better than the analyst estimate of $0.52. Revenue for the quarter came in at $325 million versus the consensus estimate of $321.68 million.

GUIDANCE:

Barnes Group sees FY2021 EPS of $1.83-$1.93, versus the consensus of $1.90.

• Barnes Group continues to expect 2021 organic sales to be up 11% to 12%. Foreign exchange is anticipated to have an approximate 2% favorable impact on 2021 sales, while divested revenues will have an approximate negative 1% impact. Operating margin is now forecasted to be approximately 12.5%, down from the prior outlook of approximately 13% as raw material and freight costs are forecasted to have an impact on our Industrial business. Adjusted earnings per share are now anticipated to be in the range of $1.83 to $1.93, up 12% to 18% from 2020’s adjusted earnings per share of $1.64 and lower at the top end of our prior range of $1.83 to $1.98. The Company expects capital expenditures of approximately $40 million and an effective tax rate of approximately 29% for 2021. Cash conversion in now expected to be approximately 120% of net income.

For earnings history and earnings-related data on Barnes Group (B) click here.

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