Barnes Group 2nd-quarter profit drops 86 percent

BRISTOL, Conn. – 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.

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 (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full B report: http://www.zacks.com/ap/B

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Keywords:Barnes Group,Earnings Report