Net income was $33.4 million, or 60 cents a share, compared with $27.7 million, or 50 cents a share, in the year-ago period.
(Reuters) - Barnes Group Inc <B.N>, an aerospace and industrial components maker, posted better-than-expected first-quarter results, driven mainly by strong demand in its aerospace segment, and raised its 2008 earnings outlook.
Net income was $33.4 million, or 60 cents a share, compared with $27.7 million, or 50 cents a share, in the year-ago period.
The latest quarter results saw a transaction loss of 1 cent a share related to sale of Spectrum Plastics Molding Resources, a business of Barnes Industrial, the company said in a statement. Sales rose 8 percent to $388.6 million, helped by demand in its international industrial and aerospace manufacturing and aftermarket businesses.
Barnes Aerospace sales rose 23 percent, boosted by a 26 percent growth in aftermarket sales. Sales at Barnes Industrial were up about 4 percent.
!ADVERTISEMENT!Analysts on average were expecting earnings of 53 cents a share, before special items, on revenue of $380.6 million, according to Reuters Estimates.
For the full year, the company now expects earnings of $2.30 to $2.39 a share, up from its prior view of $2.20 to $2.30 a share.
Analysts were expecting earnings of $2.24 a share, before special items.
Shares of the Bristol, Connecticut-based company closed at $26.45 Thursday on the New York Stock Exchange.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Amitha Rajan)
