NEW YORK - Barnes Group Inc . (NYSE:B) reported mixed third quarter results on Friday, with earnings falling short of analyst estimates but revenue exceeding expectations.
The aerospace and industrial manufacturer posted adjusted earnings per share of $0.09, missing the consensus forecast of $0.39, while revenue of $388 million topped Wall Street's projection of $378.31 million.
The company's aerospace segment drove top-line growth, with sales rising 49% year-over-year to $232 million. This increase was primarily due to a 39% boost from the acquisition of MB Aerospace. Organic sales in the aerospace division grew 9%, led by a 27% jump in aftermarket sales.
However, Barnes Group's industrial segment saw sales decline 24% to $156 million, mainly due to the divestiture of its Associated Spring and Hänggi businesses. On an organic basis, industrial sales edged up 1% compared to the prior year.
"Despite ongoing production delays from aircraft manufacturers, our Aerospace OEM business generated extraordinarily strong orders in anticipation of a future industry re-ramp," said Thomas J. Hook, President and CEO of Barnes Group. "Meanwhile, our Aerospace aftermarket business continues to deliver robust performance on strong top-line growth."
The company's adjusted operating margin expanded 150 basis points year-over-year to 12.3%. However, adjusted earnings per share fell 52% from $0.19 in Q3 2023, partly due to higher interest expenses from increased borrowings related to the MB Aerospace purchase.
Barnes Group suspended its full-year 2024 financial guidance due to its pending acquisition by funds managed by affiliates of Apollo Global Management (NYSE:APO), announced earlier this month.
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