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. Nonetheless, the underside line declined 19% yr over yr as a result of rising value of gross sales.
Contained in the Headlines
Complete revenues of $430.6 million beat the Zacks Consensus Estimate of $425 million. The highest line elevated 28.4% yr over yr, with natural gross sales progress of 4%.
Barnes Group reviews revenues underneath two heads, particularly Industrial and Aerospace. A quick snapshot of segmental gross sales is supplied under:
Revenues from the Industrial section amounted to $209 million, down 4% yr over yr. Additionally, natural gross sales had been down 4% yr over yr. Our estimate for segmental revenues was $195.4 million.
The Aerospace section’s gross sales totaled $221 million within the first quarter, up 89% yr over yr. Natural gross sales elevated 19%, and acquisition-boosted gross sales rose 70%. The upside could be attributed to an 85% surge in Aerospace authentic gear manufacturing gross sales and a 94% rise in aftermarket gross sales. Our estimate for segmental revenues was $229 million.
Barnes Group, Inc. Value, Consensus and EPS Shock
Barnes Group, Inc. price-consensus-eps-surprise-chart | Barnes Group, Inc. Quote
Margin Profile
Within the reported quarter, Barnes Group’s value of gross sales elevated 32.6% yr over yr to $300.1 million. Promoting and administrative bills elevated 5.9% to $90.9 million.
Adjusted working earnings was $51.1 million, up 37.4% yr over yr, whereas the margin elevated 80 foundation factors to 11.9%.
Steadiness Sheet & Money Movement
On the finish of the primary quarter, Barnes Group had money and money equivalents of $81.6 million in contrast with $89.8 million recorded on the finish of 2023. Lengthy-term debt was $1.29 billion, up from $1.28 billion on the finish of 2023. Liquidity out there within the quarter included money of $82 million and credit score underneath revolving services of $344 million.
Within the first three months of 2024, B used web money of $2.3 million from working actions towards $32.2 million generated within the year-ago interval. Capital expenditures totaled $12.8 million, up 17.4% yr over yr. Free money outflow was $15.2 million towards free money influx of $21.3 million a yr in the past.
Within the first three months of 2024, Barnes Group rewarded its shareholders with dividends of $8.1 million, almost flat yr over yr.
2024 Outlook
For 2024, Barnes Group expects complete gross sales to extend within the vary of 13-16% yr over yr and natural gross sales to develop 5-8%. Adjusted working margin is estimated to be 12-14%, whereas adjusted EBITDA margin is projected to be 20-22%.
GAAP earnings are projected to be between $1.08 per share and $1.28 per share, whereas adjusted earnings are anticipated within the band of $1.62-$1.82.
For 2024, administration expects capital expenditures of $60-$70 million, whereas free money circulate is more likely to be between $75 million and $85 million. The adjusted efficient tax fee is forecast] to be 31-33% for the yr.
Zacks Rank & Shares to Think about
Barnes Group at present carries a Zacks Rank #4 (Promote). Some better-ranked corporations from the identical house are mentioned under:
Utilized Industrial Applied sciences, Inc. AIT presently sports activities a Zacks Rank #1 (Sturdy Purchase). It has a trailing four-quarter common earnings shock of 8.2%. You’ll be able to see the whole checklist of at the moment’s Zacks #1 Rank shares right here.
The Zacks Consensus Estimate for AIT’s fiscal 2024 (ending June 2024) earnings has elevated 1.2% prior to now 60 days.
Ingersoll Rand plc IR at present carries a Zacks Rank of two (Purchase). IR delivered a trailing four-quarter common earnings shock of 15.9%.
Up to now 60 days, the Zacks Consensus Estimate for Ingersoll Rand’s 2024 earnings has elevated 1.6%.
Luxfer Holdings LXFR presently carries a Zacks Rank of two. The corporate delivered a trailing four-quarter common earnings shock of 82.7%.
Up to now 60 days, the Zacks Consensus Estimate for LXFR’s 2024 earnings has elevated 111.4%.
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Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
Ingersoll Rand Inc. (IR) : Free Stock Analysis Report
Barnes Group, Inc. (B) : Free Stock Analysis Report
Luxfer Holdings PLC (LXFR) : Free Stock Analysis Report
