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October 25, 2024

Amid pending acquisition by private equity firm, Barnes reports 3Q loss; revenue boost from aerospace

COSTAR Barnes Group's Main Street headquarters in Bristol.
By Harriet Jones

Barnes Group has reported third quarter losses of $2.1 million, or 4 cents per share, missing Wall Street forecasts.

The Bristol-based manufacturer recently announced it is being taken private in a sale to Apollo Funds, a deal which it expects to close in the first quarter of 2025.

Earnings adjusted for one-time expenses came to 9 cents per share, falling short of analysts’ expectations of 39 cents per share.

However, revenues of $387.8 million in the quarter - a 7% year-over-year increase - exceeded consensus forecasts. Sales were boosted by a 49% jump in Barnes’ aerospace segment.

“Despite ongoing production delays from aircraft manufacturers, our aerospace OEM business generated extraordinarily strong orders in anticipation of a future industry re-ramp,” said president and CEO Thomas J. Hook in a statement. “Meanwhile, our aerospace aftermarket business continues to deliver robust performance on strong top-line growth.”

The company says that due to the pending acquisition by Apollo it will not hold a conference call for the quarter and is suspending its full-year 2024 financial guidance.

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