Barnes Group ( NYSE: B ) said its adjusted earnings for Q3 were $0.49 a share, matching the consensus estimate.
The maker of aerospace and industrial parts said currency fluctuations had a negative effect on revenue when translated into U.S. dollars. Organic net sales grew 2%, but the exchange rate reduced the figure by 6%. The dollar’s value has risen compared with other currencies this year, weighing on the results of companies that sell products overseas.
Barnes’s revenue fell 3.1% revenue from a year earlier to $315 million, missing Wall Street estimates by $9.93 million. The company’s aerospace unit saw an 18% gain in sales to $111 million, but sales in its industrial segment fell 12% to $204 million.
“In the third quarter, Aerospace continued to deliver excellent performance driven by robust year-over-year growth in the aftermarket business,” Thomas J. Hook, president and CEO of Barnes, said in a statement. “At Industrial, performance remains challenged as persistent economic headwinds and operational challenges impact our results.”
Barnes estimated adjusted earnings for 2022 will be in a range of $1.90 to $2.00 a share, compared with 2021’s level of $1.94 per share and the consensus estimate of $1.96.
The company raised the low end of guidance for 2022 adjusted operating margin to a range of 11.5% to 12%, up from 11% to 12% previously, because of a stronger aftermarket for aerospace products.
Barnes this year has declined 26%, compared with a 16% drop for the S&P Mid-Cap 400 Index ( SP400 ).
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Barnes Group's Q3 profit matches analyst estimates while revenue slips on forex