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Barnes Group’s (NYSE:B) stock on Wednesday declined as much as 4.8% after analysts at Truist lowered their earnings estimates for multiple companies in the aerospace and defense industries.
“We are lowering estimates broadly across our coverage group on anticipated lower aircraft production rates, higher energy costs, reduced European demand and reduced demand for our industrial-exposed names,” Michael Ciarmoli, analyst at Truist, said in the Oct. 12 report.
The investment bank cut its 2022 EPS estimate for Barnes to $1.89 from $1.93, even lower than the consensus of $1.96.
Barnes will report Q3 earnings on Oct. 28 before the market opens. Truist forecasts the company will report adjusted EPS of $0.46, down from $0.55 for Q3 2021.
Barnes this year has declined 34%, compared with a 21% drop for the S&P Mid-Cap 400 Index (SP400).
Seeking Alpha columnist Daniel Jones has a Buy rating on Barnes (B) on the stock’s valuation.
| Truist’s adjusted EPS estimates for Barnes Group (B), Oct. 12 | |||
| New | Old | ||
| FY2022 | $1.89 | $1.93 | |
| FY2023 | $2.04 | $2.21 | |
