Barnes Group Inc. - B STOCK NEWS

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.

The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on September 9, 2022 to shareholders of record as of August 25, 2022.

This marks a continuation of the company’s long-standing practice of paying dividends since 1934.

Barnes Group Inc. (NYSE: B) announced the granting of performance-vested stock options to Thomas J. Hook, the newly appointed CEO, on July 14, 2022. The award consists of 1,183,406 options priced at $30.32, vesting over ten years based on increasing stock prices, with up to 100% vesting at a CAGR of 9% or higher. This incentive aims to align Mr. Hook's interests with shareholder value and compensate for forfeited earnings from his prior job. The board approved this as an employment inducement without shareholder approval, adhering to NYSE rules.

Barnes Group Inc. (NYSE: B) has joined the Ellen MacArthur Foundation’s Network to support the transition to a circular economy. This collaboration aims to drive innovation and systemic change in sustainability. Senior executives highlighted the alignment with internal environmental targets, including a 15% reduction in energy use and a 20% decrease in water consumption by 2025, against a 2019 baseline. Barnes is also involved in initiatives like HolyGrail 2.0, aimed at improving plastic recycling efficiency.