Published on 29 Apr 2024 on Zacks via Yahoo Finance

Barnes Group (B) Q1 Earnings & Revenues Surpass Estimates

Barnes Group Inc. B reported adjusted earnings of 38 cents per share in first-quarter 2024, surpassing the Zacks Consensus Estimate of 35 cents. However, the bottom line declined 19% year over year due to the increasing cost of sales.

Inside the Headlines

Total revenues of $430.6 million beat the Zacks Consensus Estimate of $425 million. The top line increased 28.4% year over year, with organic sales growth of 4%.Barnes Group reports revenues under two heads, namely Industrial and Aerospace. A brief snapshot of segmental sales is provided below:Revenues from the Industrial segment amounted to $209 million, down 4% year over year. Also, organic sales were down 4% year over year. Our estimate for segmental revenues was $195.4 million.The Aerospace segment’s sales totaled $221 million in the first quarter, up 89% year over year. Organic sales increased 19%, and acquisition-boosted sales rose 70%. The upside can be attributed to an 85% surge in Aerospace original equipment manufacturing sales and a 94% rise in aftermarket sales. Our estimate for segmental revenues was $229 million.