By Denny Jacob
Barnes Group Inc. shares fell 3.5% to $35.08 after the company updated its 2022 outlook, citing supply chain and inflationary pressures as ongoing issues.
The company logged net income of $20.5 million, or 40 cents a share, for the first quarter, up from net income of $19.4 million, or 38 cents a share, in the year-earlier period.
Adjusted earnings were 41 cents. Analysts polled by FactSet expected 40 cents.
Sales for the period rose to $312.4 million from $301.6 million. Analysts polled by FactSet expected $306.6 million.
The company updated its 2022 outlook, forecasting its adjusted operating margin to be in the range of 12.5% and 13.5%, down slightly from its prior view due to ongoing supply chain and inflationary pressures.
Adjusted earnings are expected to be in the range of $2.20 and $2.40 a share. The company said the updated forecast is 5 cents lower at the high end of its previous range to reflect macroeconomic headwinds in its industrial segment.
Barnes also forecast capital expenditures between $50 million and $55 million and cash conversion of greater than 100% of net income.
Write to Denny Jacob at [email protected]
