Barnes Group 2nd-quarter profit drops 86 percent

MarketsAssociated Press

Barnes Group Inc. (B) on Friday reported net income that declined by 86 percent in its second quarter. The results matched analysts' expectations.

The Bristol, Connecticut-based company said profit fell to $30.2 million, or 54 cents per share, from $209.3 million, or $3.82 per share, in the same quarter a year ago.

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Earnings, adjusted for restructuring costs and non-recurring costs, were 59 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 59 cents.

The company said revenue rose 20 percent to $322.1 million from $267.4 million in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $316.1 million, according to Zacks.

Barnes Group shares have increased 4 cents, or 0.1 percent, to $38.35 since the beginning of the year. The stock has climbed $5.56, or 17 percent, in the last 12 months.

This story was generated automatically by Automated Insights ( ) using data from Zacks Investment Research. Full B report:


Keywords:Barnes Group,Earnings Report