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Barnes Group, Inc. (B - Snapshot Report) topped analysts earnings expectations for three straight quarters by an average margin of 18.4%. After reporting solid first-quarter results, the company boosted its full-year profit guidance to between $1.74 and $1.83 per share. Analysts responded to Bs bullish guidance by upping their earnings estimates. This Zacks #1 Rank stock has a price-to-book ratio of 2.8, compared to 4.5 for the market and 2.9 for the industry average. Its PEG ratio currently resides at 0.86.
Barnes Group, Inc. is an international aerospace and industrial products manufacturer and distributor serving a range of end markets and customers. The company operates in three segments: Barnes Distribution, Associated Spring and Barnes Aerospace.
B exceeded analysts earnings expectations for three straight quarters by an average margin of 18.4%. In each of the aforementioned quarters, the company was able to surprise to the upside by a double-digit percentage. Moreover, B met or topped estimates in nine out of the past 10 quarters (beating eight times while matching once).
On May 9, B reported first-quarter profits of $27.7 million, or 50 cents per share, compared with $18.5 million, or 36 cents per share, in the prior-year period. The result represented a 25.0% positive surprise with analysts calling for earnings per share of 50 cents. Revenues jumped 20.3% to $360.7 million from $299.9 million in the first quarter of 2006. The companys aerospace division led the way with revenues soaring 36.3% to $91.2 million.
President and CEO Gregory F. Milzcik stated, "The continued consistent performance of Barnes Group, with 17 quarters of double-digit sales growth, combined with the momentum of our operational improvement initiatives provide us with greater confidence in our outlook for 2007."
This greater confidence pushed B to raise its full-year profit guidance to between $1.74 and $1.83 per share. The companys prior outlook called for earnings per share between $1.53 and $1.60.
The consensus earnings estimate for this year currently resides at $1.86. When compared to the consensus of a week earlier, it has risen 26 cents. All three covering analysts upped their estimates. Profit forecasts for next year are up by an even greater margin30 cents to $2.15 over the same period of time. Upward revisions were submitted by three of the four covering analysts. Earnings per share are projected to grow 16% over the next 3-5 years, with the industry expected to grow at a 15% clip.
On Apr 19, the Board of Directors boosted the company's quarterly cash dividend by 12% to 14 cents per share. The dividend will be paid on Jun 11 to shareholders of record as of Jun 1. B has a current dividend yield of 1.72%. The company has paid a cash dividend to stockholders on a continuous basis since 1934.
B is currently trading at a valuation of 15.7x current fiscal-year estimated earnings and at 13.6x next fiscal-year estimated earnings. The market, as represented by the S&P 500, is trading at a valuation of 16.2x current fiscal-year estimated earnings and at 15.2x next fiscal-year estimated earnings. The company has a price-to-book ratio of 2.8, compared to 4.5 for the market and 2.9 for the industry average. Its PEG ratio currently resides at 0.86.