Barnes Reports Third Quarter 2024 Financial Results
Barnes Group Inc. (NYSE: B) reported third quarter 2024 financial results with sales of $388 million, up 7% year-over-year with organic growth of 4%. The company posted a net loss of $2.1 million, or -$0.04 per share, while adjusted EPS was $0.09. Notable highlights include strong Aerospace performance with a 49% increase in segment sales to $232 million and a significant OEM backlog of $1.80 billion. The company recently announced its pending acquisition by Apollo Funds for $47.50 per share in cash, valuing Barnes at approximately $3.6 billion enterprise value.
Barnes Group Inc. (NYSE: B) ha riportato i risultati finanziari del terzo trimestre del 2024 con vendite di $388 milioni, in aumento del 7% rispetto all'anno precedente, con una crescita organica del 4%. L'azienda ha registrato una perdita netta di $2,1 milioni, ovvero -$0,04 per azione, mentre l'EPS rettificato è stato di $0,09. Tra i risultati notevoli si segnala una forte performance nel settore Aerospaziale, con un incremento del 49% nelle vendite del segmento a $232 milioni e un significativo backlog OEM di $1,80 miliardi. L'azienda ha recentemente annunciato l'acquisizione in sospeso da parte di Apollo Funds per $47,50 per azione in contante, valutando Barnes a circa $3,6 miliardi di valore d'impresa.
Barnes Group Inc. (NYSE: B) informó los resultados financieros del tercer trimestre de 2024 con ventas de $388 millones, un aumento del 7% en comparación con el año anterior con un crecimiento orgánico del 4%. La compañía registró una pérdida neta de $2,1 millones, o -$0,04 por acción, mientras que el EPS ajustado fue de $0,09. Entre los aspectos destacados se incluye un fuerte desempeño en Aeroespacial con un aumento del 49% en las ventas del segmento a $232 millones y un importante backlog de OEM de $1,80 mil millones. La compañía anunció recientemente su adquisición pendiente por parte de Apollo Funds por $47,50 por acción en efectivo, valorando a Barnes en aproximadamente $3,6 mil millones en valor empresarial.
바네스 그룹 Inc. (NYSE: B)는 2024년 3분기 재무 결과를 보고하며 매출이 $388 백만에 달했고, 연간 7% 증가했으며 유기적 성장률은 4%였습니다. 회사는 순손실이 $2.1 백만, 즉 주당 -$0.04이며, 조정된 EPS는 $0.09로 발표했습니다. 주요 하이라이트로는 항공우주 부문에서의 강력한 성과, 세그먼트 매출이 $232 백만으로 49% 증가한 것과 $1.80 백만의 상당한 OEM 백로그를 포함합니다. 회사는 최근 아폴로 펀드에 의해 주당 $47.50의 현금으로 인수된다고 발표했으며, 바네스의 기업 가치는 약 $3.6 억으로 평가됩니다.
Barnes Group Inc. (NYSE: B) a publié ses résultats financiers pour le troisième trimestre 2024 avec des ventes de $388 millions, en hausse de 7 % par rapport à l'année précédente, avec une croissance organique de 4 %. L'entreprise a enregistré une perte nette de 2,1 millions de dollars, soit -0,04 $ par action, tandis que le BPA ajusté s'élevait à 0,09 $. Parmi les points forts, on note une performance solide dans le secteur aéronautique avec une augmentation de 49 % des ventes du segment à 232 millions de dollars et un important carnet de commandes OEM de 1,80 milliard de dollars. La société a récemment annoncé son acquisition imminente par Apollo Funds pour 47,50 $ par action en espèces, valorisant Barnes à environ 3,6 milliards de dollars de valeur d'entreprise.
Barnes Group Inc. (NYSE: B) hat die Finanzzahlen für das dritte Quartal 2024 mit einem Umsatz von $388 Millionen bekannt gegeben, was einem Anstieg von 7 % im Vergleich zum Vorjahr und einem organischen Wachstum von 4 % entspricht. Das Unternehmen verzeichnete einen Nettoverlust von $2,1 Millionen oder -$0,04 pro Aktie, während das bereinigte EPS bei $0,09 lag. Zu den bemerkenswerten Punkten gehören die starke Leistung im Luft- und Raumfahrtsektor, mit einem Anstieg der Segmentverkäufe um 49 % auf $232 Millionen und einem erheblichen OEM-Auftragsbestand von $1,80 Milliarden. Das Unternehmen gab kürzlich die bevorstehende Übernahme durch Apollo Funds zu einem Preis von $47,50 pro Aktie in bar bekannt, was Barnes mit einem Unternehmenswert von etwa $3,6 Milliarden bewertet.
- Sales increased 7% to $388 million with 4% organic growth
- Aerospace segment sales grew 49% to $232 million
- Aerospace OEM backlog up 19% sequentially to $1.80 billion
- Adjusted EBITDA increased 16% with margin improvement of 140 bps to 19.8%
- Interest expense decreased 14% to $19.6 million
- Net loss of $2.1 million (-$0.04 per share)
- Adjusted EPS declined 53% to $0.09 from $0.19
- Operating cash flow decreased to $49.8 million from $71.0 million
- High effective tax rate of 110% due to various tax provisions
- Industrial segment operating margin declined 20 bps
Insights
Barnes' Q3 2024 results present a mixed picture with notable strengths in Aerospace but challenges in profitability. Sales reached
The standout metric is the Aerospace OEM backlog at
Concerning points include the high effective tax rate of
The aerospace segment shows robust fundamentals despite OEM production delays. Aerospace sales of
The exceptional 2.9x book-to-bill ratio and growing backlog indicate significant pent-up demand from aircraft manufacturers. The MB Aerospace integration is progressing ahead of schedule, validating Barnes' strategic pivot toward aerospace. The segment's adjusted EBITDA margin of
This performance suggests Barnes is well-positioned to capitalize on the commercial aviation recovery and increasing defense spending trends.
Strong Aerospace Aftermarket Drives Top-line Growth
Comparisons are year-over-year unless noted otherwise
Third Quarter 2024:
-
Sales of
, up$388 million 7% ; Organic Sales up4% -
Operating Margin of
10.8% ; Adjusted Operating Margin of12.3% , up 150 bps -
Adjusted EBITDA Margin of
19.8% , up 140 bps -
GAAP EPS of -
; Adjusted EPS of$0.04 , down$0.09 52%
“In the third quarter, despite ongoing production delays from aircraft manufacturers, our Aerospace OEM business generated extraordinarily strong orders in anticipation of a future industry re-ramp. Meanwhile, our Aerospace aftermarket business continues to deliver robust performance on strong top-line growth. With the MB Aerospace integration and synergies progressing ahead of plan, we are delivering on our strategy to scale Aerospace and transform Barnes,” said Thomas J. Hook, President and Chief Executive Officer of Barnes. “Over the last eighteen months, we have taken numerous actions to unlock the underlying value of Barnes by growing Aerospace, simplifying Industrial, investing in our businesses, and streamlining costs. Collectively, these actions have helped to position us for long-term profitable growth and led to outside interest in Barnes. As such, we are excited about our pending acquisition by Apollo Funds.”
Barnes to be Acquired by Apollo Funds
As announced on October 7, 2024, Barnes has entered into a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo”) (the “Apollo Funds”) in an all-cash transaction that values Barnes at an enterprise value of approximately
Third Quarter 2024 Highlights
Sales of
Adjusted operating income of
Interest expense was
The Company's effective tax rate for the third quarter of 2024 was
Net loss was
Year-to-date cash provided by operating activities was
Segment Performance
Aerospace
Third quarter sales in the Aerospace segment were
Aerospace OEM backlog ended the third quarter at
Industrial
Third quarter sales in the Industrial segment were
Leverage
Barnes’ “Net Debt to EBITDA” ratio, as defined in our credit agreements, was 3.35 times on September 30, 2024, down from 3.48 times on June 30, 2024.
Canceled Third Quarter 2024 Earnings Call and Suspension of Guidance
Given the pending acquisition of Barnes by Apollo Funds, the Company will not be conducting a third quarter 2024 conference call and webcast. In addition, Barnes is suspending its financial guidance for the full year 2024.
Non-GAAP Financial Measures
The financial statements included within this press release are prepared in accordance with accounting principles generally accepted in
- Organic sales growth represents the total reported sales increase within the Company’s ongoing businesses less the impact of foreign currency translation and acquisitions/divestitures completed in the preceding twelve months. Management believes that organic sales growth provides an indication of baseline revenue performance and growth.
- Adjusted operating profit, adjusted operating margin and adjusted EPS provide an indication of our baseline profit performance. Management believes that these metrics are useful to investors as they exclude items that do not reflect our ongoing results.
- Adjusted EBITDA and Adjusted EBITDA margin provide adjusted earnings before interest, income tax, depreciation and amortization. Through acquisitions, the Company has incurred significant amortization expense (acquired intangible assets) and additional interest expense from debt-funded acquisitions. Management believes these financial metrics are useful to investors as they exclude the impact of these items.
- Free Cash Flow is defined by the Company as net cash provided by operating activities less capital expenditures. The Company believes that the free cash flow metric represents a measure of cash generated by business operations that can be used to invest in future growth, pay dividends, repurchase stock and reduce debt. This metric can also be used to evaluate the Company's ability to generate cash flow from business operations and the impact that this cash flow has on the Company's liquidity.
About Barnes
Barnes Group Inc. (NYSE: B) leverages world-class manufacturing capabilities and market-leading engineering to develop advanced processes, automation solutions, and applied technologies for industries ranging from aerospace and medical & personal care to mobility and packaging. With a celebrated legacy of pioneering excellence, Barnes delivers exceptional value to customers through advanced manufacturing capabilities and cutting-edge industrial technologies. Barnes Aerospace specializes in the production and servicing of intricate fabricated and precision-machined components for both commercial and military turbine engines, nacelles, and airframes. Barnes Industrial excels in advancing the processing, control, and sustainability of engineered plastics and delivering innovative, custom-tailored solutions for industrial automation and metal forming applications. Established in 1857 and headquartered in
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future operating and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “expect,” “plan,” “estimate,” “project,” “continue,” “will,” “should,” “may,” and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, among others: the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which the Company has agreed to be acquired by funds managed by affiliates of Apollo Global Management, Inc. (the “Merger”) or extend the anticipated timetable for completion of the Merger; the failure to obtain approval of the proposed Merger from the Company’s shareholders or certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the Merger within the expected timeframes or at all; risks related to disruption of management’s attention from the Company’s ongoing business operations due to the Merger; the risk of any unexpected costs or expenses resulting from the Merger; the risk of any litigation relating to the Merger; the effect of the announcement of the Merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally; the Company’s ability to manage economic, business and geopolitical conditions, including rising interest rates, global price inflation and shortages impacting the availability of materials; the duration and severity of unforeseen events such as an epidemic or a pandemic, including their impacts across our business on demand, supply chains, operations and liquidity; failure to successfully negotiate collective bargaining agreements or potential strikes, work stoppages or other similar events; changes in market demand for our products and services; rapid technological and market change; the ability to protect and avoid infringing upon intellectual property rights; challenges associated with the introduction or development of new products or transfer of work; higher risks in global operations and markets; the impact of intense competition; the physical and operational risks from natural disasters, severe weather events, and climate change which may limit accessibility to sufficient water resources, outbreaks of contagious diseases and other adverse public health developments; acts of war, terrorism and other international conflicts; the failure to achieve anticipated cost savings and benefits associated with workforce reductions and restructuring actions; currency fluctuations and foreign currency exposure; impacts from goodwill impairment and related charges; our dependence upon revenues and earnings from a small number of significant customers; a major loss of customers; inability to realize expected sales or profits from existing backlog due to a range of factors, including changes in customer sourcing decisions, material changes, production schedules and volumes of specific programs; the impact of government budget and funding decisions; our ability to successfully integrate and achieve anticipated synergies associated with recently announced and future acquisitions, including the acquisition of MB Aerospace; government-imposed sanctions, tariffs, trade agreements and trade policies; changes or uncertainties in laws, regulations, rates, policies or interpretations that impact the Company’s business operations or tax status, including those that address climate change, environmental, health and safety matters, and the materials processed by our products or their end markets; fluctuations in the pricing or availability of raw materials, freight, transportation, energy, utilities and other items required by our operations; labor shortages or other business interruptions at transportation centers, shipping ports, our suppliers’ facilities or our facilities; disruptions in information technology systems, including as a result of cybersecurity attacks or data security breaches; the ability to hire and retain senior management and qualified personnel; the continuing impact of prior acquisitions and divestitures, and any ongoing and future strategic actions, and our ability to achieve the financial and operational targets set in connection with any such actions; the ability to achieve social and environmental performance goals; the outcome of pending and future litigation and governmental proceedings; the impact of actual, potential or alleged defects or failures of our products or third-party products within which our products are integrated, including product liabilities, product recall costs and uninsured claims; future repurchases of common stock; future levels of indebtedness; the impact of shareholder activism; and other risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission (“SEC”) by the Company, including, among others, those in the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the Company's filings. The Company assumes no obligation to update its forward-looking statements.
Category: Earnings
BARNES GROUP INC. | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF (LOSS) INCOME | |||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three months ended September 30, |
|
Nine months ended September 30, |
|||||||||||||||||||
2024 |
|
2023 |
|
%
|
|
2024 |
|
2023 |
|
%
|
|||||||||||
Net sales | $ |
387,794 |
|
$ |
360,988 |
|
7.4 |
|
$ |
1,200,664 |
|
$ |
1,035,329 |
|
16.0 |
|
|||||
Cost of sales |
|
259,402 |
|
|
253,490 |
|
2.3 |
|
|
817,686 |
|
|
704,358 |
|
16.1 |
|
|||||
Selling and administrative expenses |
|
84,920 |
|
|
97,508 |
|
(12.9 |
) |
|
255,314 |
|
|
271,688 |
|
(6.0 |
) |
|||||
Goodwill impairment charge |
|
- |
|
|
- |
|
- |
|
|
53,694 |
|
|
- |
|
100.0 |
|
|||||
Costs (gain) related to the sale of businesses |
|
1,651 |
|
|
- |
|
100.0 |
|
|
(5,420 |
) |
|
- |
|
NM |
|
|||||
|
345,973 |
|
|
350,998 |
|
(1.4 |
) |
|
1,121,274 |
|
|
976,046 |
|
14.9 |
|
||||||
Operating income |
|
41,821 |
|
|
9,990 |
|
318.6 |
|
|
79,390 |
|
|
59,283 |
|
33.9 |
|
|||||
Operating margin |
|
10.8 |
% |
|
2.8 |
% |
|
6.6 |
% |
|
5.7 |
% |
|||||||||
Interest expense |
|
19,573 |
|
|
22,792 |
|
(14.1 |
) |
|
65,216 |
|
|
34,612 |
|
88.4 |
|
|||||
Other expense (income), net |
|
517 |
|
|
(874 |
) |
NM |
|
|
1,367 |
|
|
(2,427 |
) |
NM |
|
|||||
Income (loss) before income taxes |
|
21,731 |
|
|
(11,928 |
) |
NM |
|
|
12,807 |
|
|
27,098 |
|
(52.7 |
) |
|||||
Income taxes |
|
23,875 |
|
|
9,802 |
|
143.6 |
|
|
59,824 |
|
|
18,318 |
|
226.6 |
|
|||||
Net (loss) income | $ |
(2,144 |
) |
$ |
(21,730 |
) |
(90.1 |
) |
$ |
(47,017 |
) |
$ |
8,780 |
|
(635.5 |
) |
|||||
Common dividends | $ |
8,132 |
|
$ |
8,107 |
|
0.3 |
|
$ |
24,361 |
|
$ |
24,302 |
|
0.2 |
|
|||||
Per common share: | |||||||||||||||||||||
Net (loss) income: | |||||||||||||||||||||
Basic | $ |
(0.04 |
) |
$ |
(0.43 |
) |
(90.7 |
) |
$ |
(0.92 |
) |
$ |
0.17 |
|
(641.2 |
) |
|||||
Diluted |
|
(0.04 |
) |
|
(0.43 |
) |
(90.7 |
) |
|
(0.92 |
) |
|
0.17 |
|
(641.2 |
) |
|||||
Dividends |
|
0.16 |
|
|
0.16 |
|
- |
|
|
0.48 |
|
|
0.48 |
|
- |
|
|||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic |
|
51,302,818 |
|
|
51,057,979 |
|
0.5 |
|
|
51,276,280 |
|
|
51,033,181 |
|
0.5 |
|
|||||
Diluted |
|
51,302,818 |
|
|
51,057,979 |
|
0.5 |
|
|
51,276,280 |
|
|
51,223,978 |
|
0.1 |
|
|||||
NM - Not meaningful | |||||||||||||||||||||
BARNES GROUP INC. | ||||||||||||||||||||||
OPERATIONS BY REPORTABLE BUSINESS SEGMENT | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||
2024 |
|
2023 |
|
%
|
|
2024 |
|
2023 |
|
%
|
||||||||||||
Net sales | ||||||||||||||||||||||
Aerospace | $ |
231,934 |
|
$ |
156,090 |
|
48.6 |
|
$ |
671,262 |
|
$ |
395,362 |
|
69.8 |
|
||||||
Industrial |
|
155,864 |
|
|
204,898 |
|
(23.9 |
) |
|
529,406 |
|
|
639,977 |
|
(17.3 |
) |
||||||
Intersegment sales |
|
(4 |
) |
|
- |
|
|
(4 |
) |
|
(10 |
) |
||||||||||
Total net sales | $ |
387,794 |
|
$ |
360,988 |
|
7.4 |
|
$ |
1,200,664 |
|
$ |
1,035,329 |
|
16.0 |
|
||||||
Operating profit (loss) | ||||||||||||||||||||||
Aerospace | $ |
35,319 |
|
$ |
3,622 |
|
875.1 |
|
$ |
95,749 |
|
$ |
38,953 |
|
145.8 |
|
||||||
Industrial |
|
6,502 |
|
|
6,368 |
|
2.1 |
|
|
(16,359 |
) |
|
20,330 |
|
(180.5 |
) |
||||||
Total operating profit (loss) | $ |
41,821 |
|
$ |
9,990 |
|
318.6 |
|
$ |
79,390 |
|
$ |
59,283 |
|
33.9 |
|
||||||
Operating margin | Change | Change | ||||||||||||||||||||
Aerospace |
|
15.2 |
% |
|
2.3 |
% |
1,290 |
|
bps. |
|
14.3 |
% |
|
9.9 |
% |
440 |
|
bps. | ||||
Industrial |
|
4.2 |
% |
|
3.1 |
% |
110 |
|
bps. |
|
-3.1 |
% |
|
3.2 |
% |
(630 |
) |
bps. | ||||
Total operating margin |
|
10.8 |
% |
|
2.8 |
% |
800 |
|
bps. |
|
6.6 |
% |
|
5.7 |
% |
90 |
|
bps. | ||||
BARNES GROUP INC. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
September 30, 2024 |
December 31, 2023 |
|||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ |
80,675 |
$ |
89,827 |
||
Accounts receivable |
|
327,063 |
|
353,923 |
||
Inventories |
|
353,230 |
|
365,221 |
||
Prepaid expenses and other current assets |
|
105,763 |
|
97,749 |
||
Total current assets |
|
866,731 |
|
906,720 |
||
Deferred income taxes |
|
8,289 |
|
10,295 |
||
Property, plant and equipment, net |
|
351,735 |
|
402,697 |
||
Goodwill |
|
1,081,960 |
|
1,183,624 |
||
Other intangible assets, net |
|
655,927 |
|
706,471 |
||
Other assets |
|
110,390 |
|
98,207 |
||
Total assets | $ |
3,075,032 |
$ |
3,308,014 |
||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | ||||||
Notes and overdrafts payable | $ |
506 |
$ |
16 |
||
Accounts payable |
|
142,571 |
|
164,264 |
||
Accrued liabilities |
|
226,637 |
|
221,462 |
||
Long-term debt - current |
|
9,765 |
|
10,868 |
||
Total current liabilities |
|
379,479 |
|
396,610 |
||
Long-term debt |
|
1,135,162 |
|
1,279,962 |
||
Accrued retirement benefits |
|
36,540 |
|
45,992 |
||
Deferred income taxes |
|
117,010 |
|
120,608 |
||
Long-term tax liability |
|
7,400 |
|
21,714 |
||
Other liabilities |
|
94,955 |
|
80,865 |
||
Total stockholders' equity |
|
1,304,486 |
|
1,362,263 |
||
Total liabilities and stockholders' equity | $ |
3,075,032 |
$ |
3,308,014 |
||
BARNES GROUP INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
Nine months ended September 30, | ||||||||
|
2024 |
|
|
2023 |
|
|||
Operating activities: | ||||||||
Net (loss) income | $ |
(47,017 |
) |
$ |
8,780 |
|
||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization |
|
89,837 |
|
|
79,196 |
|||
Gain on disposition of property, plant and equipment |
|
(9 |
) |
|
(202 |
) |
||
Stock compensation expense |
|
10,530 |
|
|
8,121 |
|||
Non-cash goodwill impairment charge |
|
53,694 |
|
|
- |
|||
Gain on sale of businesses |
|
(3,894 |
) |
|
- |
|
||
Changes in assets and liabilities, net of the effects of acquisition and divestiture: | ||||||||
Accounts receivable |
|
(4,587 |
) |
|
(5,273 |
) |
||
Inventories |
|
(21,481 |
) |
|
(8,699 |
) |
||
Prepaid expenses and other current assets |
|
(11,629 |
) |
|
5,367 |
|
||
Accounts payable |
|
(4,641 |
) |
|
(11,629 |
) |
||
Accrued liabilities |
|
5,510 |
|
|
22,437 |
|
||
Deferred income taxes |
|
683 |
|
|
(3,541 |
) |
||
Long-term retirement benefits |
|
(12,364 |
) |
|
(13,096 |
) |
||
Long-term tax liability |
|
(9,972 |
) |
|
(13,029 |
) |
||
Other |
|
5,090 |
|
|
2,541 |
|
||
Net cash provided by operating activities |
|
49,750 |
|
|
70,973 |
|
||
Investing activities: | ||||||||
Proceeds from disposition of property, plant and equipment |
|
223 |
|
|
6,990 |
|
||
Proceeds from the sale of businesses |
|
160,869 |
|
|
- |
|
||
Capital expenditures |
|
(41,822 |
) |
|
(37,405 |
) |
||
Business acquisitions, net of cash acquired |
|
159 |
|
|
(718,782 |
) |
||
Other |
|
- |
|
|
(921 |
) |
||
Net cash provided (used) by investing activities |
|
119,429 |
|
|
(750,118 |
) |
||
Financing activities: | ||||||||
Net change in other borrowings |
|
242 |
|
|
(167 |
) |
||
Payments on long-term debt |
|
(321,318 |
) |
|
(268,580 |
) |
||
Proceeds from the issuance of long-term debt |
|
170,000 |
|
|
1,006,333 |
|
||
Payments of debt issuance costs |
|
- |
|
|
(11,341 |
) |
||
Proceeds from the issuance of common stock |
|
176 |
|
|
277 |
|
||
Dividends paid |
|
(24,361 |
) |
|
(24,302 |
) |
||
Withholding taxes paid on stock issuances |
|
(1,391 |
) |
|
(857 |
) |
||
Cash settlement of foreign currency hedges related to intercompany financing |
|
(1,070 |
) |
|
(6,346 |
) |
||
Other |
|
(232 |
) |
|
(2,625 |
) |
||
Net cash (used) provided by financing activities |
|
(177,954 |
) |
|
692,392 |
|
||
Effect of exchange rate changes on cash flows |
|
(2,590 |
) |
|
(2,190 |
) |
||
(Decrease) increase in cash, cash equivalents and restricted cash |
|
(11,365 |
) |
|
11,057 |
|
||
Cash, cash equivalents and restricted cash at beginning of the period |
|
92,040 |
|
|
81,128 |
|
||
Cash, cash equivalents and restricted cash at end of period |
|
80,675 |
|
|
92,185 |
|
||
Less: Restricted cash, included in Prepaid expenses and other current assets |
|
- |
|
|
(2,145 |
) |
||
Cash and cash equivalents at end of period | $ |
80,675 |
|
$ |
90,040 |
|
||
BARNES GROUP INC. | ||||||||
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
Nine months ended September 30, |
||||||||
2024 |
|
2023 |
||||||
Free cash flow: | ||||||||
Net cash provided by operating activities | $ |
49,750 |
|
$ |
70,973 |
|
||
Capital expenditures |
|
(41,822 |
) |
|
(37,405 |
) |
||
Free cash flow(1) | $ |
7,928 |
|
$ |
33,568 |
|
||
Free cash flow (as adjusted): | ||||||||
Free cash flow (from above) | $ |
7,928 |
|
$ |
33,568 |
|
||
Income tax payments related to the sale of the businesses |
|
12,472 |
|
|
- |
|
||
Free cash flow (as adjusted) (1) | $ |
20,400 |
|
$ |
33,568 |
|
||
Notes: | ||||||||
(1) The Company defines free cash flow as net cash provided by operating activities less capital expenditures. In 2024, net cash provided by operating activities was negatively impacted by |
||||||||
BARNES GROUP INC. | ||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURE RECONCILIATION | ||||||||||||||||||||||
ADJUSTED OPERATING PROFIT AND ADJUSTED DILUTED EARNINGS PER SHARE | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||
Operating Profit - Aerospace Segment (GAAP) | $ |
35,319 |
|
$ |
3,622 |
|
875.1 |
|
$ |
95,749 |
|
$ |
38,953 |
|
145.8 |
|
||||||
Restructuring/reduction in force and transformation related charges |
|
355 |
|
|
3,922 |
|
|
2,993 |
|
|
6,263 |
|
||||||||||
Shareholder advisory costs |
|
- |
|
|
- |
|
|
1,078 |
|
|
- |
|
||||||||||
Acquisition related costs |
|
- |
|
|
7,817 |
|
|
- |
|
|
11,376 |
|
||||||||||
MB Short-term purchase accounting adjustments |
|
643 |
|
|
8,019 |
|
|
3,469 |
|
|
8,019 |
|
||||||||||
Operating Profit - Aerospace Segment as adjusted (Non-GAAP) (1) | $ |
36,317 |
|
$ |
23,380 |
|
55.3 |
|
$ |
103,289 |
|
$ |
64,611 |
|
59.9 |
|
||||||
Operating Margin - Aerospace Segment (GAAP) |
|
15.2 |
% |
|
2.3 |
% |
1,290 |
|
bps. |
|
14.3 |
% |
|
9.9 |
% |
440 |
|
bps. | ||||
Operating Margin - Aerospace Segment as adjusted (Non-GAAP) (1) |
|
15.7 |
% |
|
15.0 |
% |
70 |
|
bps. |
|
15.4 |
% |
|
16.3 |
% |
(90 |
) |
bps. | ||||
Operating Profit (Loss) - Industrial Segment (GAAP) | $ |
6,502 |
|
$ |
6,368 |
|
2.1 |
|
$ |
(16,359 |
) |
$ |
20,330 |
|
(180.5 |
) |
||||||
Restructuring/reduction in force and transformation related charges |
|
3,398 |
|
|
9,277 |
|
|
10,286 |
|
|
34,711 |
|
||||||||||
Shareholder advisory costs |
|
- |
|
|
- |
|
|
1,022 |
|
|
- |
|
||||||||||
Costs (gain) related to the sale of businesses |
|
1,651 |
|
|
- |
|
|
(5,420 |
) |
|
- |
|
||||||||||
Goodwill impairment charge |
|
- |
|
|
- |
|
|
53,694 |
|
|
- |
|
||||||||||
Operating Profit - Industrial Segment as adjusted (Non-GAAP) (1) | $ |
11,551 |
|
$ |
15,645 |
|
(26.2 |
) |
$ |
43,223 |
|
$ |
55,041 |
|
(21.5 |
) |
||||||
Operating Margin - Industrial Segment (GAAP) |
|
4.2 |
% |
|
3.1 |
% |
110 |
|
bps. |
|
-3.1 |
% |
|
3.2 |
% |
(630 |
) |
bps. | ||||
Operating Margin - Industrial Segment as adjusted (Non-GAAP) (1) |
|
7.4 |
% |
|
7.6 |
% |
(20 |
) |
bps. |
|
8.2 |
% |
|
8.6 |
% |
(40 |
) |
bps. | ||||
CONSOLIDATED RESULTS | ||||||||||||||||||||||
Operating Income (GAAP) | $ |
41,821 |
|
$ |
9,990 |
|
318.6 |
|
$ |
79,390 |
|
$ |
59,283 |
|
33.9 |
|
||||||
Restructuring/reduction in force and transformation related charges |
|
3,753 |
|
|
13,199 |
|
|
13,279 |
|
|
40,974 |
|
||||||||||
Shareholder advisory costs |
|
- |
|
|
- |
|
|
2,100 |
|
|
- |
|
||||||||||
Costs (gain) related to the sale of businesses |
|
1,651 |
|
|
- |
|
|
(5,420 |
) |
|
- |
|
||||||||||
Acquisition related costs |
|
- |
|
|
7,817 |
|
|
- |
|
|
11,376 |
|
||||||||||
MB Short-term purchase accounting adjustments |
|
643 |
|
|
8,019 |
|
|
3,469 |
|
|
8,019 |
|
||||||||||
Goodwill impairment charge |
|
- |
|
|
- |
|
|
53,694 |
|
|
- |
|
||||||||||
Operating Income as adjusted (Non-GAAP) (1) | $ |
47,868 |
|
$ |
39,025 |
|
22.7 |
|
$ |
146,512 |
|
$ |
119,652 |
|
22.4 |
|
||||||
Operating Margin (GAAP) |
|
10.8 |
% |
|
2.8 |
% |
800 |
|
bps. |
|
6.6 |
% |
|
5.7 |
% |
90 |
|
bps. | ||||
Operating Margin as adjusted (Non-GAAP) (1) |
|
12.3 |
% |
|
10.8 |
% |
150 |
|
bps. |
|
12.2 |
% |
|
11.6 |
% |
60 |
|
bps. | ||||
Diluted Net (Loss) Income per Share (GAAP) | $ |
(0.04 |
) |
$ |
(0.43 |
) |
(90.7 |
) |
$ |
(0.92 |
) |
$ |
0.17 |
|
(641.2 |
) |
||||||
Restructuring/reduction in force and transformation related charges |
|
0.06 |
|
|
0.19 |
|
|
0.20 |
|
|
0.58 |
|
||||||||||
Shareholder advisory costs |
|
- |
|
|
- |
|
|
0.03 |
|
|
- |
|
||||||||||
Loss related to sale of businesses, net of tax |
|
0.03 |
|
|
- |
|
|
0.38 |
|
|
- |
|
||||||||||
MB Short-term purchase accounting adjustments |
|
0.01 |
|
|
0.12 |
|
|
0.05 |
|
|
0.12 |
|
||||||||||
Acquisition related costs |
|
- |
|
|
0.31 |
|
|
0.02 |
|
|
0.36 |
|
||||||||||
Income tax effects of non-deductible merger costs |
|
0.03 |
|
|
- |
|
|
0.03 |
|
|
- |
|
||||||||||
Goodwill impairment charge |
|
- |
|
|
- |
|
|
1.05 |
|
|
- |
|
||||||||||
Diluted Net Income per Share as adjusted (Non-GAAP) (1) | $ |
0.09 |
|
$ |
0.19 |
|
(52.6 |
) |
$ |
0.84 |
|
$ |
1.23 |
|
(31.7 |
) |
||||||
Full-Year 2023 | ||||||||||||||||||||||
Operating Margin (GAAP) |
|
6.1 |
% |
|||||||||||||||||||
Restructuring/reduction in force and transformation related charges |
|
3.2 |
% |
|||||||||||||||||||
Divestiture transaction costs |
|
0.1 |
% |
|||||||||||||||||||
MB Short-term purchase accounting adjustments |
|
1.3 |
% |
|||||||||||||||||||
Acquisition related costs |
|
0.8 |
% |
|||||||||||||||||||
Operating Margin as adjusted (Non-GAAP) (1) |
|
11.5 |
% |
|||||||||||||||||||
Diluted Net Income (Loss) per Share (GAAP) | $ |
0.31 |
|
|||||||||||||||||||
Restructuring/reduction in force and transformation related charges |
|
0.66 |
|
|||||||||||||||||||
Divestiture transaction costs |
|
0.02 |
|
|||||||||||||||||||
MB Short-term purchase accounting adjustments |
|
0.29 |
|
|||||||||||||||||||
Acquisition related costs |
|
0.37 |
|
|||||||||||||||||||
Diluted Net Income per Share as adjusted (Non-GAAP) (1) | $ |
1.65 |
|
|||||||||||||||||||
Notes: | ||||||||||||||||||||||
(1) The Company has excluded the following from its "as adjusted" financial measurements for 2024: 1) charges related to restructuring/reduction in force actions at certain businesses and transformation related costs (consulting/professional fees related to business and portfolio transformation initiatives), 2) a pre-tax gain related to the divestiture of the Businesses, including |
BARNES GROUP INC. | |||||||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURE RECONCILIATION | |||||||||||||||||||||||||||||||
EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
Three months ended September 30, |
|||||||||||||||||||||||||||||||
2024 |
|
2023 |
|||||||||||||||||||||||||||||
Aerospace | Industrial | Other (1) | Total | Aerospace | Industrial | Other (1) | Total | ||||||||||||||||||||||||
Net Sales | $ |
231,934 |
|
|
155,864 |
|
|
(4 |
) |
$ |
387,794 |
|
$ |
156,090 |
|
|
204,898 |
|
|
- |
|
$ |
360,988 |
|
|||||||
Net Loss | $ |
(2,144 |
) |
$ |
(21,730 |
) |
|||||||||||||||||||||||||
Interest expense |
|
19,573 |
|
|
22,792 |
|
|||||||||||||||||||||||||
Other expense (income), net |
|
517 |
|
|
(874 |
) |
|||||||||||||||||||||||||
Income taxes |
|
23,875 |
|
|
9,802 |
|
|||||||||||||||||||||||||
Operating Profit (GAAP) | $ |
35,319 |
|
$ |
6,502 |
|
$ |
- |
|
$ |
41,821 |
|
$ |
3,622 |
|
$ |
6,368 |
|
$ |
- |
|
$ |
9,990 |
|
|||||||
Operating Margin (GAAP) |
|
15.2 |
% |
|
4.2 |
% |
|
10.8 |
% |
|
2.3 |
% |
|
3.1 |
% |
|
2.8 |
% |
|||||||||||||
Other expense (income), net |
|
- |
|
|
- |
|
|
(517 |
) |
|
(517 |
) |
|
- |
|
|
- |
|
|
874 |
|
|
874 |
|
|||||||
Depreciation (2) |
|
9,317 |
|
|
4,222 |
|
|
- |
|
|
13,539 |
|
|
5,863 |
|
|
7,560 |
|
|
- |
|
|
13,423 |
|
|||||||
Amortization (3) |
|
10,864 |
|
|
5,871 |
|
|
- |
|
|
16,735 |
|
|
12,460 |
|
|
6,400 |
|
|
- |
|
|
18,860 |
|
|||||||
EBITDA (Non-GAAP) (4) | $ |
55,500 |
|
$ |
16,595 |
|
$ |
(517 |
) |
$ |
71,578 |
|
$ |
21,945 |
|
$ |
20,328 |
|
$ |
874 |
|
$ |
43,147 |
|
|||||||
EBITDA Margin (Non-GAAP) (4) |
|
23.9 |
% |
|
10.6 |
% |
|
18.5 |
% |
|
14.1 |
% |
|
9.9 |
% |
|
12.0 |
% |
|||||||||||||
Restructuring/reduction in force and transformation related charges |
|
355 |
|
|
3,351 |
|
|
- |
|
|
3,706 |
|
|
3,922 |
|
|
8,481 |
|
|
- |
|
|
12,403 |
|
|||||||
Shareholder advisory costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Acquisition transaction costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
7,817 |
|
|
- |
|
|
- |
|
|
7,817 |
|
|||||||
MB Short-term purchase accounting adjustments |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,019 |
|
|
- |
|
|
- |
|
|
3,019 |
|
|||||||
Costs (gain) related to the sale of businesses |
|
- |
|
|
1,651 |
|
|
- |
|
|
1,651 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Adjusted EBITDA (Non-GAAP) (4) | $ |
55,855 |
|
$ |
21,597 |
|
$ |
(517 |
) |
$ |
76,935 |
|
$ |
36,703 |
|
$ |
28,809 |
|
$ |
874 |
|
$ |
66,386 |
|
|||||||
Adjusted EBITDA Margin (Non-GAAP) (4) |
|
24.1 |
% |
|
13.9 |
% |
|
19.8 |
% |
|
23.5 |
% |
|
14.1 |
% |
|
18.4 |
% |
|||||||||||||
Nine months ended September 30, |
|||||||||||||||||||||||||||||||
2024 |
|
2023 |
|||||||||||||||||||||||||||||
Aerospace | Industrial | Other (1) | Total | Aerospace | Industrial | Other (1) | Total | ||||||||||||||||||||||||
Net Sales | $ |
671,262 |
|
|
529,406 |
|
|
(4 |
) |
$ |
1,200,664 |
|
$ |
395,362 |
|
|
639,977 |
|
|
(10 |
) |
$ |
1,035,329 |
|
|||||||
Net (Loss) Income | $ |
(47,017 |
) |
$ |
8,780 |
|
|||||||||||||||||||||||||
Interest expense |
|
65,216 |
|
|
34,612 |
|
|||||||||||||||||||||||||
Other expense (income), net |
|
1,367 |
|
|
(2,427 |
) |
|||||||||||||||||||||||||
Income taxes |
|
59,824 |
|
|
18,318 |
|
|||||||||||||||||||||||||
Operating Profit (Loss) (GAAP) | $ |
95,749 |
|
$ |
(16,359 |
) |
$ |
- |
|
$ |
79,390 |
|
$ |
38,953 |
|
$ |
20,330 |
|
$ |
- |
|
$ |
59,283 |
|
|||||||
Operating Margin (GAAP) |
|
14.3 |
% |
|
-3.1 |
% |
|
6.6 |
% |
|
9.9 |
% |
|
3.2 |
% |
|
5.7 |
% |
|||||||||||||
Other expense (income), net |
|
- |
|
|
- |
|
|
(1,367 |
) |
|
(1,367 |
) |
|
- |
|
|
- |
|
|
2,427 |
|
|
2,427 |
|
|||||||
Depreciation (2) |
|
24,636 |
|
|
13,803 |
|
|
- |
|
|
38,439 |
|
|
15,683 |
|
|
21,429 |
|
|
- |
|
|
37,112 |
|
|||||||
Amortization (3) |
|
33,714 |
|
|
17,684 |
|
|
- |
|
|
51,398 |
|
|
22,757 |
|
|
19,327 |
|
|
- |
|
|
42,084 |
|
|||||||
EBITDA (Non-GAAP) (4) | $ |
154,099 |
|
$ |
15,128 |
|
$ |
(1,367 |
) |
$ |
167,860 |
|
$ |
77,393 |
|
$ |
61,086 |
|
$ |
2,427 |
|
$ |
140,906 |
|
|||||||
EBITDA Margin (Non-GAAP) (4) |
|
23.0 |
% |
|
2.9 |
% |
|
14.0 |
% |
|
19.6 |
% |
|
9.5 |
% |
|
13.6 |
% |
|||||||||||||
Restructuring/reduction in force and transformation related charges |
|
2,993 |
|
|
9,515 |
|
|
- |
|
|
12,508 |
|
|
6,263 |
|
|
31,526 |
|
|
- |
|
|
37,789 |
|
|||||||
Shareholder advisory costs |
|
1,078 |
|
|
1,022 |
|
|
- |
|
|
2,100 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Acquisition transaction costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
11,376 |
|
|
- |
|
|
- |
|
|
11,376 |
|
|||||||
MB Short-term purchase accounting adjustments |
|
1,540 |
|
|
- |
|
|
- |
|
|
1,540 |
|
|
3,019 |
|
|
- |
|
|
- |
|
|
3,019 |
|
|||||||
Gain related to the sale of businesses |
|
- |
|
|
(5,420 |
) |
|
- |
|
|
(5,420 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Pension related loss (gain) |
|
- |
|
|
- |
|
|
1,526 |
|
|
1,526 |
|
|
- |
|
|
- |
|
|
(1,144 |
) |
|
(1,144 |
) |
|||||||
Goodwill impairment charge |
|
- |
|
|
53,694 |
|
|
- |
|
|
53,694 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Adjusted EBITDA (Non-GAAP) (4) | $ |
159,710 |
|
$ |
73,939 |
|
$ |
159 |
|
$ |
233,808 |
|
$ |
98,051 |
|
$ |
92,612 |
|
$ |
1,283 |
|
$ |
191,946 |
|
|||||||
Adjusted EBITDA Margin (Non-GAAP) (4) |
|
23.8 |
% |
|
14.0 |
% |
|
19.5 |
% |
|
24.8 |
% |
|
14.5 |
% |
|
18.5 |
% |
|||||||||||||
Notes: | |||||||||||||||||||||||||||||||
(1) "Other" includes intersegment sales and items that are included within Other expense (income), net that are not allocated to the Company's reportable business segments. (2) Depreciation expense in 2024 includes (3) Amortization expense in 2024 includes (4) The Company defines EBITDA as net income plus interest expense, income taxes, and depreciation and amortization which the Company incurs in the normal course of business; in addition to these adjustments, the Company also excludes the impact of its "as adjusted items" above ("Adjusted EBITDA"). The Company does not intend EBITDA nor Adjusted EBITDA to represent cash flows from operations as defined by GAAP, and the reader should not consider it as an alternative to net income, net cash provided by operating activities or any other items calculated in accordance with GAAP, or as an indicator of the Company's operating performance. Accordingly, the measurements have limitations depending on their use. |
|||||||||||||||||||||||||||||||
BARNES GROUP INC. | ||||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURE RECONCILIATION | ||||||||||||||||||||||||||||
Organic Sales and Organic Sales Growth (Decrease) (1) | ||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Three months ended September 30, |
|
|
Nine months ended September 30, |
|||||||||||||||||||||||||
2024 |
|
2023 |
|
Organic Sales
|
|
|
2024 |
|
2023 |
|
Organic Sales
|
|||||||||||||||||
Aerospace | ||||||||||||||||||||||||||||
Net sales (GAAP) | $ |
231.9 |
|
$ |
156.1 |
|
48.6 |
% |
$ |
671.3 |
|
$ |
395.4 |
|
69.8 |
% |
||||||||||||
Acquisition sales (2) |
|
(61.1 |
) |
|
- |
|
(39.1 |
%) |
|
(229.4 |
) |
|
- |
|
(58.0 |
%) |
||||||||||||
Foreign currency translation |
|
(0.6 |
) |
|
- |
|
(0.4 |
%) |
|
(0.6 |
) |
|
- |
|
(0.2 |
%) |
||||||||||||
Organic sales (Non-GAAP) | $ |
170.2 |
|
$ |
156.1 |
|
$ |
14.1 |
|
9.0 |
% |
$ |
441.3 |
|
$ |
395.4 |
|
$ |
45.9 |
|
11.6 |
% |
||||||
OEM | ||||||||||||||||||||||||||||
Net sales (GAAP) | $ |
137.8 |
|
$ |
99.9 |
|
37.9 |
% |
$ |
405.0 |
|
$ |
248.0 |
|
63.3 |
% |
||||||||||||
Acquisition sales (2) |
|
(38.2 |
) |
|
- |
|
(38.2 |
%) |
|
(144.8 |
) |
|
- |
|
(58.4 |
%) |
||||||||||||
Foreign currency translation |
|
(0.6 |
) |
|
- |
|
(0.6 |
%) |
|
(0.6 |
) |
|
- |
|
(0.2 |
%) |
||||||||||||
Organic sales (Non-GAAP) | $ |
99.0 |
|
$ |
99.9 |
|
$ |
(0.9 |
) |
(0.9 |
%) |
$ |
259.6 |
|
$ |
248.0 |
|
$ |
11.6 |
|
4.7 |
% |
||||||
Aftermarket | ||||||||||||||||||||||||||||
Net sales (GAAP) | $ |
94.1 |
|
$ |
56.2 |
|
67.4 |
% |
$ |
266.2 |
|
$ |
147.4 |
|
80.6 |
% |
||||||||||||
Acquisition sales (2) |
|
(22.9 |
) |
|
- |
|
(40.7 |
%) |
|
(84.6 |
) |
|
- |
|
(57.4 |
%) |
||||||||||||
Foreign currency translation |
|
- |
|
|
- |
|
0.0 |
% |
|
- |
|
|
- |
|
0.0 |
% |
||||||||||||
Organic sales (Non-GAAP) | $ |
71.2 |
|
$ |
56.2 |
|
$ |
15.0 |
|
26.7 |
% |
$ |
181.6 |
|
$ |
147.4 |
|
$ |
34.2 |
|
23.2 |
% |
||||||
Industrial | ||||||||||||||||||||||||||||
Net sales (GAAP) | $ |
155.9 |
|
$ |
204.9 |
|
(23.9 |
%) |
$ |
529.4 |
|
$ |
640.0 |
|
(17.3 |
%) |
||||||||||||
Divestiture sales (3) |
|
- |
|
|
(51.8 |
) |
25.3 |
% |
|
- |
|
|
(109.4 |
) |
17.1 |
% |
||||||||||||
Foreign currency translation |
|
(1.5 |
) |
|
- |
|
(0.7 |
%) |
|
0.2 |
|
|
- |
|
0.0 |
% |
||||||||||||
Organic sales (Non-GAAP) | $ |
154.4 |
|
$ |
153.1 |
|
$ |
1.3 |
|
0.6 |
% |
$ |
529.6 |
|
$ |
530.6 |
|
$ |
(1.0 |
) |
(0.2 |
%) |
||||||
Total Company | ||||||||||||||||||||||||||||
Net sales (GAAP) |
|
387.8 |
|
|
361.0 |
|
7.4 |
% |
$ |
1,200.7 |
|
$ |
1,035.4 |
|
16.0 |
% |
||||||||||||
Acquisition sales (2) |
|
(61.1 |
) |
|
- |
|
(16.9 |
%) |
|
(229.4 |
) |
|
- |
|
(22.2 |
%) |
||||||||||||
Divestiture sales (3) |
|
- |
|
|
(51.8 |
) |
14.3 |
% |
|
- |
|
|
(109.4 |
) |
10.6 |
% |
||||||||||||
Foreign currency translation |
|
(2.1 |
) |
|
- |
|
(0.6 |
%) |
|
(0.4 |
) |
|
- |
|
(0.0 |
%) |
||||||||||||
Organic sales (Non-GAAP) | $ |
324.6 |
|
$ |
309.2 |
|
$ |
15.4 |
|
4.3 |
% |
$ |
970.9 |
|
$ |
926.0 |
|
$ |
44.9 |
|
4.3 |
% |
||||||
Notes: | ||||||||||||||||||||||||||||
(1) Organic sales and Organic sales growth (decrease) represent the total reported net sales and total reported net sales increase (decrease), respectively, within the Company’s ongoing businesses, less the impacts of foreign currency translation and the sales related to any acquisitions or divestitures that were completed within the preceding twelve months. (2) "Acquisition sales" includes the net sales contributed by MB Aerospace from July 1, 2024 through August 31, 2024 and from January 1, 2024 through August 31, 2024, during the three and nine month periods ended September 30, 2024, respectively. The acquisition of MB Aerospace was completed on August 31, 2023. (3) "Divestiture sales" includes the net sales contributed by the divested businesses from July 1, 2023 through September 30, 2023 and from April 4, 2023 through September 30, 2023, during the three and nine month periods ended September 30, 2023, respectively. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241025629370/en/
Investors:
Barnes Group Inc.
William Pitts
Vice President, Investor Relations
ir@onebarnes.com
860.583.7070
Source: Barnes Group Inc.
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