Barnes Group (NYSE:B) Issues FY 2024 Earnings Guidance

Barnes Group (NYSE:B) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 1.550-1.750 for the period, compared to the consensus EPS estimate of 1.720. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.7 billion. Barnes Group also updated its FY24 guidance to $1.55-1.75 EPS.

Barnes Group Price Performance

Shares of Barnes Group stock traded down $1.01 on Friday, hitting $41.10. 1,215,012 shares of the company traded hands, compared to its average volume of 329,397. The company has a market cap of $2.08 billion, a P/E ratio of 456.67, a P/E/G ratio of 2.45 and a beta of 1.41. The firm’s 50-day simple moving average is $40.30 and its 200 day simple moving average is $37.10. Barnes Group has a 12-month low of $18.79 and a 12-month high of $45.24. The company has a current ratio of 2.41, a quick ratio of 1.53 and a debt-to-equity ratio of 0.97.

Barnes Group (NYSE:B) last issued its earnings results on Friday, July 26th. The industrial products company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). The business had revenue of $382.23 million during the quarter, compared to analysts’ expectations of $398.80 million. Barnes Group had a return on equity of 5.92% and a net margin of 0.31%. Analysts expect that Barnes Group will post 1.72 earnings per share for the current fiscal year.

Barnes Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Thursday, August 22nd will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Thursday, August 22nd. Barnes Group’s payout ratio is 711.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on B shares. DA Davidson boosted their price objective on shares of Barnes Group from $45.00 to $48.00 and gave the company a buy rating in a research report on Thursday, June 13th. Oppenheimer lifted their target price on shares of Barnes Group from $43.00 to $48.00 and gave the company an outperform rating in a research note on Friday, June 14th.

Barnes Group Company Profile

Barnes Group Inc provides engineered products, industrial technologies, and solutions in the United States and internationally. The company operates through two segments: Industrial and Aerospace. The Industrial segment offers precision components, products, and systems used by various customers in end-markets, such as mobility, industrial equipment, automation, personal care, packaging, electronics, and medical devices.