-=Barnes Group (B) reported earnings on Fri 28 Oct 22 (b/o)

 

Barnes Group reports EPS in-line, misses on revs; lowers top end of FY22 EPS guidance 

• Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.49; revenues fell 3.2% year/year to $314.7 mln vs the $324.93 mln S&P Capital IQ Consensus.
• Co issues lowered guidance for FY22, sees EPS of $1.90-2.00 from $1.90-2.05 , excluding non-recurring items, vs. $1.96 S&P Capital IQ Consensus. 
• "Barnes expects organic sales growth of 5% to 6% for the current year with negative foreign exchange of approximately 4%. Adjusted operating margin is now forecasted to be in the range of 11.5% to 12%, up modestly on the low end of our previous range due to the strong Aerospace Aftermarket. Adjusted earnings are expected to be in the range of $1.90 to $2.00 per share, down 2% to up 3% from 2021's adjusted earnings of $1.94 per share. The adjusted earnings outlook reflects a reduction of $0.05 from the high end of our previous range primarily due to geopolitical and economic uncertainty and ongoing challenges within our Industrial Segment. 2022 adjusted earnings per share are anticipated to exclude a $0.27 impact related to restructuring activities and a $1.33 impact for the goodwill impairment charge taken in the second quarter. The Company forecasts capital expenditures of approximately $35 million and cash conversion of approximately 90% of net income. The adjusted effective tax rate for 2022 is expected to be approximately 24.5%."