B Barnes Group Inc

Barnes Group Inc. posted weaker-than-expected results for its latest quarter as the company faced currency headwinds and a slowdown in the industrial sector.

The industrial and aerospace manufacturer said that lower-than-expected deliveries and a contract termination dispute in the aerospace business also dented results.

In the wake of its latest quarter, Barnes said it now expects organic revenue growth of about 1%, down from a previous range of 4% to 6%. The company also cut its full-year view for adjusted earnings, saying it expects $2.42 to $2.47 a share, compared with its prior view of $2.45 to $2.60.

Shares of the company declined 6.2% to $35.98 in early trading.

"Barnes Group experienced a challenging quarter as overall macroeconomic conditions weighed on the industrial end markets we serve, tempering our outlook for the remainder of the year," said Chief Executive Patrick Dempsey.

Sales in the industrial segment slipped 9% to $189.1 million, hurt by a negative 8% currency hit. Meanwhile, organic sales decreased 3% in the quarter, driven by softer industrial end-markets in North America and transportation end-markets in China, the company said.

In aerospace, sales fell 7% to $102.3 million, while backlog was up 10% to $560 million, due mostly to orders linked to the Trent XWB engine program for the Airbus A350.

Overall, the company posted a profit of $33.7 million, or 61 cents a share, down from $33.9 million, or also 61 cents a share, a year earlier amid nearly 80,000 fewer shares.

Excluding certain items, adjusted earnings on a per-share basis remained at 61 cents, down from 64 cents a year earlier.

Revenue slipped 8.3% to $291.4 million.

Analysts surveyed by Thomson Reuters forecast per-share earnings at 64 cents a share on revenue of $315.8 million.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 23, 2015 11:55 ET (15:55 GMT)

Barnes (NYSE:B)
Historical Stock Chart
From Apr 2024 to May 2024

Barnes (NYSE:B)
Historical Stock Chart
From May 2023 to May 2024