Barnes Group Inc. (B) reported that its first-quarter net income decreased to $13.47 million or $0.24 per share, from $22.21 million or $0.40 per share in the same quarter last year.
Income from continuing operations for the first quarter declined to $15.4 million, or $0.28 per share, from $17.6 million, or $0.32 per share, a year ago.
Income from continuing operations in the latest-quarter included $10.5 million pre-tax, or $0.12 per diluted share, of non-recurring CEO transition costs associated with the modification of outstanding equity awards granted to the Company's former President & CEO.
Excluding this item, adjusted earnings per share from continuing operations was $0.40 for the first quarter of 2013, up 25% from last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales from continuing operations increased 18% to $263.5 million from $222.8 million in the first quarter of 2012, driven by the sales contribution of the Synventive business. Four analysts had consensus revenue estimate of $335.88 million for the quarter.
The company now expects 2013 revenue from continuing operations to grow 17% to 20% from 2012. GAAP Earnings per share from continuing operations are anticipated to be in the range of $1.71 to $1.86. This guidance includes the impacts from the sale of Barnes Distribution North America which closed on April 22, 2013, and the Company's previously announced CEO transition.
Adjusted earnings per share for fiscal 2013 are anticipated to be in the range of $1.83 to $1.98, up 20% to 30% from 2012's adjusted earnings per share from continuing operations of $1.52. Analysts expect the company to report earnings of $2.09 per share for fiscal 2013.
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