Barnes Group Inc. - B STOCK NEWS

Barnes Group Inc. (NYSE: B) reported third quarter 2022 net sales of $315 million, a 3% decrease year-over-year, with organic sales increasing by 2%. The operating margin was 9.5%, and adjusted EPS was $0.49, down 11% from $0.55 the previous year. The company forecasts 2022 organic sales growth of 5% to 6% and anticipates adjusted EPS between $1.90 and $2.00, reflecting a modest decline from 2021. The restructuring efforts aim to improve Industrial segment performance, which faced challenges due to economic pressures.

The latest The Civil Quarterly report from Dodge Construction Network highlights a decline in revenue and profit margin expectations among contractors, with only 53% anticipating revenue growth compared to 66% last quarter. Additionally, 45% expect profit margin increases, down from 51%. A significant 60% of contractors foresee economic downturn impacts on private projects. Supply chain issues persist, with 93% affected by material cost fluctuations. Despite reduced expectations, contractors remain optimistic, with 77% confident about future workloads.

Hexagon's Safety, Infrastructure & Geospatial division has integrated artificial intelligence (AI) capabilities into HxGN Connect, its real-time incident center solution. This enhancement allows for the analysis of operational data, providing real-time alerts and insights. Hosted on Microsoft Azure, the platform improves communication and coordination among teams while autonomously detecting trends and anomalies. According to Gartner, this innovation enhances situational awareness for public safety organizations, helping them respond more effectively to emergencies. Hexagon has approximately 23,000 employees and 2022 net sales of around 4.3 billion EUR.

The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on December 9, 2022 to shareholders on record by November 22, 2022. This dividend reflects the company's commitment to returning value to shareholders, maintaining a continuous dividend payment since 1934. Barnes Group is recognized for pioneering technologies and engineering solutions across various industries including medical, packaging, and aerospace.

Barnes Group Inc. (NYSE: B) will release its third quarter 2022 financial results on October 28, 2022, before market opening. A conference call to discuss the results and future outlook will start at 8:30 a.m. ET the same day, accessible via live audio webcast on the company’s website. A recording of the call will be available for playback until November 4, 2022. Barnes Group focuses on advanced technologies and manufacturing in various industries, including medical and aerospace.

Barnes Group Inc. (NYSE: B) reported second quarter 2022 results revealing a net sales figure of $321 million, unchanged from the previous year, with organic sales up 5%. The company faced an operating loss of $28.2 million due to a goodwill impairment charge of approximately $68 million. Adjusted EPS increased by 24% to $0.56, while GAAP EPS was -$0.78. Adjusted operating margin improved to 12.5%, up 30 bps from last year. The company anticipates organic sales growth of 5% to 6% for 2022 and projects adjusted EPS between $1.90 and $2.05, reflecting a slight decline from 2021.

Barnes Group Inc. (NYSE: B) announced plans to close its Engineered Components facility in Bristol, Connecticut, impacting around 95 employees. This decision, expected to finish by mid-2023, responds to declining powertrain automotive production and challenges from inflation and supply chain issues. Operations will be shifted or permanently discontinued to enhance efficiency and competitiveness. This closure will not affect other manufacturing sites or the company's headquarters in Bristol.

The Dodge Construction Network's latest Civil Quarterly study reveals significant concerns among civil engineers and contractors regarding the resiliency of U.S. infrastructure. A large majority, 82% of civil contractors and 92% of civil engineers, have prioritized projects focused on resilience, particularly against flooding and infrastructure vulnerabilities. The report highlights the critical need for skilled personnel, with only 28% of contractors claiming expertise in resiliency. Moreover, the Infrastructure Investment and Jobs Act is expected to provide necessary funding, but effective implementation relies on qualified civil engineers and contractors.

Barnes Group Inc. (NYSE: B) has announced an expansion of its Maintenance, Repair, and Overhaul (MRO) facility in East Granby, Connecticut. The upgrade will increase capacity for engine component repair, incorporating a new chemical processing line to enhance sustainability by reducing waste. This expansion aligns with the company's Smart Factory Initiative aimed at improving productivity through digital solutions. Barnes will also increase its visibility at the Farnborough International Airshow from July 18 to 21, showcasing innovative products and services.