Barnes Group (NYSE:B) has announced its Q4 and fiscal 2012 results. For the quarter, sales totaled $327 million, 16% higher than the same period the previous year. Net income was $29.7 million ($0.54 per diluted share), up significantly from the $66,000 the company posted in Q4 2011.
On average, analysts had expected $326 million in revenue, and EPS of $0.51.
For the full year, Barnes Group's top line improved 5% on an annual basis, to $1.17 billion. Net profit grew 47%, to $95.2 million ($1.72 diluted EPS), from 2011's $30.5 million ($0.56).
Going forward, the company expects 2013 revenue will increase 14%-18%, and EPS will come in at $2.03-$2.18. Analysts had been projecting 14% growth in the former, and $2.15 for the latter.
Barnes Group also announced that current COO Patrick Dempsey will take over the CEO position from the retiring Gregory Milzcik, effective March 1. It also revealed that it is to sell its North American distribution business to MSC Industrial Direct.(NYSE:MSM)