Barnes Group, Inc. (NYSE:B) unveiled its third quarter earnings results on Friday 23rd October 2020 before market open.
The company reported $ 0.30 income per share for the quarter, beat the consensus estimate of $ 0.28 income per share by $ 0.02 or 7.14 percent.
Barnes Group, Inc. expected third quarter earnings in a range from $ 0.22 ~ $ 0.32 per share.
The quarterly earnings declined 66.29 percent compared with the same quarter last year.
The firm had revenue of $ 269.06 million for the quarter, compared to the consensus estimate of $ 245.62 million. The revenues outshined analysts estimates by $ 23.44 million or 9.54 percent.
The financial report showed revenues contracted 27.79 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group, commented, Barnes Group delivered third quarter financial performance near the high-end of our July expectations with Industrial seeing promising signs of recovery in select end markets and Aerospace effectively managing through the significant pressures of a challenging business environment. As anticipated, the ongoing impacts of the global COVID-19 pandemic weighed on our business, although our sequential improvement and continued solid cash generation are encouraging.
Further, the company announced 4Q20 earnings estimate to a range of $ 0.27 ~ $ 0.35 per share.Wall street analysts expected 4Q20 income of $ 0.34 per share on revenue of $ 266.80 million.
