RTTNews | Apr 30, 2021 07:16AM EDT

07:15 Friday, April 30, 2021 (RTTNews.com) - Barnes Group Inc. (B), a provider of highly engineered products, reported Friday that its first-quarter net income was $19.38 million or $0.38 per share, compared to $29.73 million or $0.58 per share a year ago.

On an adjusted basis, net income per share was down 46 percent from $0.71 a year ago.

On average, five analysts polled by Thomson Reuters expected the company to report earnings per share of $0.31 for the quarter. Analysts' estimates typically exclude special items.

First-quarter 2021 net sales were $301.63 million, down 9 percent from $330.67 million in the prior year period. Organic sales declined 10 percent. Analysts expected net sales of $278.8 million for the quarter.

Looking ahead for fiscal 2021, Barnes now expects earnings per share in the range of $1.78 to $1.98, up 9 percent to 21 percent from last year. The previous outlook was $1.65 to $1.90. Analysts expect earnings of $1.79 per share for the year.

Organic sales are now expected to be up 10 percent to 12 percent, higher than previous estimate of 6 percent to 8 percent.

Operating margin is forecasted to be approximately 13 percent.

Patrick Dempsey, President and Chief Executive Officer, said, "Our 2021 return to growth focus is off to a good start with strong orders and increasing backlog, factors which provide more confidence in our second half expectation. With a heightened conviction of an economic recovery in many of our end markets, we have increased our financial performance outlook for 2021."

In pre-market activity on the NYSE, Barnes shares were trading at $51.62, up 1.14 percent.

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