Barns Group Inc. (B), an industrial and aerospace manufacturer and service provider, reported Friday that its fourth-quarter net income increased 50.4 percent to $36.71 million from last year's $24.41 million. Earnings per share grew 52.3 percent to $0.67 from $0.44 a year ago.
On an adjusted basis, net income was $0.67 per share, compared to $0.60 last year. On average, eight analysts polled by Thomson Reuters expected earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Fourth-quarter 2016 net sales were $324.17 million, a growth of 13% from $287.03 million in the prior year driven by organic sales growth of 9% and acquisition sales of 5%. Foreign exchange unfavorably impacted sales by 1%. Analysts were looking for sales of $328.41 million.
Looking ahead, for fiscal 2017, Barnes Group expects adjusted earnings from continuing operations of $2.61 to $2.76 per share, a growth of 3% to 9% from last year's adjusted earnings per share of $2.53. Analysts expect earnings of $2.67 per share for the year.
Total revenue growth is expected to be 6% to 8% with organic revenue growth of 3% to 5% after consideration of 1% unfavorable foreign exchange and a positive 4% from acquisition revenues. Operating margins are forecasted to be in the range of 16% to 17%.
Christopher Stephens, Jr., Senior Vice President, Finance and Chief Financial Officer, said, "Strengthening operating and financial performance over the second half of 2016, coupled with our organic investments in growth programs and recent acquisitions, provide positive momentum heading into 2017."
by RTT Staff Writer
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