BRISTOL, Conn. (AP) — Barnes Group posted a smaller-than-expected second-quarter profit and the manufacturing company lowered its outlook for the year, for both earnings and sales.
Barnes makes components for a variety of industries and has been hurt by slower sales of spare parts for aerospace customers amid a weak economy.
The company said it expects 2012 revenue to grow by 3 percent to 5 percent, down from an April forecast of 6 percent to 9 percent. Barnes lowered the ceiling on expected earnings, forecasting full-year profit after items of $1.78 to $1.88 per share instead of the earlier $1.78 to $1.93 per share.
Analysts were expecting $1.84 per share for the year.
The company's 2012 profit prediction excluded the impact of acquiring privately held Synventive Molding Solutions, which provides technology for injection molding. Barnes said the deal will close next month and reduce its earnings per share this year but raise them in 2013.
In the second quarter, Barnes' net income rose 11.2 percent to $24.8 million, or 45 cents per share, compared with $22.3 million, or 40 cents per share, a year earlier. But analysts had expected 48 cents per share, according to a FactSet survey.
Revenue dropped 1.5 percent to $293.4 million. Analysts expected $316.7 million.
Shares of Barnes Group Inc. rose 76 cents, or 3.4 percent, to $22.99 in morning trading.
