Barnes Group Inc, despite its fourth-quarter earnings seeing a decline from last year, still managed to outpace Wall Street's estimates.
The final figures showed the company's net income at $7.216 million, or $0.14 per share, a decrease from the previous year's fourth quarter which saw a net income of $15.569 million, or $0.30 per share.
However, after excluding particular items, Barnes Group Inc reported an adjusted profit of $0.41 per share for this period.
This performance surprised industry analysts, who had predicted an average earnings of $0.35 per share according to data gathered by Thomson Reuters. These predictions typically do not take into account special items.
As for revenue, the company experienced a substantial increase of 32.6% for the quarter, with figures rising to $415.542 million from last year's $313.473 million.
Looking ahead, the Barnes Group Inc's forecasts for full-year adjusted earnings stand at $1.55 to $1.80 per share, which aligns with the average estimates put forth by analysts of $1.71 per share.
To summarise, the company’s performance in Q4 were as follows: Net Earning stood at $7.216 million as compared to $15.569 million in the same period last year. Earnings Per Share (EPS) came out to be $0.14 compared to $0.30 in Q4 of the last year. The Wall Street had estimated an EPS of $0.35. The Quarter 4 revenue escalated to $415.542 million compared to $313.473 million in the last year.
