Logistics and manufacturing services provider Barnes Group Inc. (B) on Friday reported a profit for the fourth quarter that plunged from last year. The results reflect a loss on sale of the company's Barnes Distribution Europe or BDE business that offset higher revenues at both its segments. Looking ahead to fiscal year 2012, Barnes Group forecast earnings for fiscal year 2012 above analysts' estimates. In the latest quarter, Barnes Group completed the sale of its Barnes Distribution Europe or BDE businesses to Berner SE for about $33 million in cash.
BDE comprised of the company's European KENT, Toolcom and BD France distribution businesses, and was reported within the company's Logistics and Manufacturing Services segment. Barnes Group said on Monday that it appointed Patrick Dempsey as senior vice president and chief operating officer. The company also announced the realignment of its business units into three reportable segments - Aerospace, Industrial and Distribution.
The company's fourth-quarter net income was $66,000 or breakeven per share, down from $11.52 million or $0.21 per share in the prior-year period. The latest quarter's results include loss from discontinued operations of $23.69 million or $0.43 per share, compared to loss of $1.28 million or $0.02 per share in the year-ago quarter.
However, income from continuing operations for the quarter rose to $23.76 million or $0.43 per share from $12.80 million or $0.23 per share in the year-ago period.
Analysts expected the company to earn $0.32 per share for the quarter. Analysts estimates typically exclude special items.
Net sales grew 9.7 percent to $283.29 million from $258.17 million in the same period last year. Analysts had a consensus revenue estimate of $311.95 million.
Logistics and manufacturing services sales rose 10 percent, driven by strong organic growth in the company's aerospace aftermarket business.
Precision components sales rose 9 percent. Organic sales growth in the segment was driven by the segment's aerospace OEM business as well as the North American and European industrial manufacturing businesses, which benefited from improved industrial and transportation end-markets.
For fiscal year 2011, Barnes Group reported net income of $64.72 million or $1.16 per share, up from $53.28 million or $0.95 per share in the prior year. Net sales grew 13.7 percent to $1.17 billion from $1.03 billion in the prior year. Analysts expected the company to report earnings of $1.42 per share on revenues of $1.26 billion.
Looking ahead to fiscal year 2012, Barnes Group forecasts earnings per share from continuing operations in a range of $1.78 to $1.93 and revenues to grow 6 to 9 percent from the prior year.
Analysts expect the company to earn $1.75 per share on revenues of $1.34 billion.
B closed Thursday's trading at $26.46, up $0.38 on a volume of 420,300 shares.
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