UPDATE: Barnes Group Posts Surge In Q4 Profit
Barnes Group (NYSE: B) reported a strong rise in its fourth-quarter earnings.
Barnes Group expects full-year adjusted earnings of $2.03 to $2.18 per share on revenue growth of 14% to 18%. However, analysts projected earnings of $2.15 per share on revenue growth of 14%.
Barnes Group's quarterly profit surged to $29.7 million, or $0.54 per share, from $66,000, or less-than-a-penny per share, in the year-ago period.
Its sales rose 16% to $327.4 million. However, analysts were expecting earnings of $0.51 per share on revenue of $326 million.
Its operating margin widened to 12.1% from 10.2%.
Barnes Group shares closed at $24.47 yesterday.
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