Barnes Group Inc. - B STOCK NEWS

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.

Barnes Group Inc. (NYSE: B) has appointed Thomas J. Hook as its new President and CEO, effective July 14, 2022, following Patrick J. Dempsey's nearly 10-year tenure. Dempsey will transition to Executive Vice Chairman until his retirement on December 31, 2022. Hook brings over 25 years of leadership experience, including a focus on medical technology. The board expresses gratitude for Dempsey's contributions, emphasizing the strategic transformation he initiated. Julie K. Streich will continue as Interim CEO and CFO.

Barnes Group Inc. (NYSE: B) announces its second quarter 2022 financial results will be released on July 29, 2022, before market opening. A conference call will follow at 8:30 a.m. ET to discuss results and the company's outlook. Participants can join via a live audio webcast on the Barnes website or by phone. Playback will be available from 12:00 p.m. ET on July 29 until 11:59 p.m. ET on August 5, 2022. Barnes Group, a leader in advancing technologies across various sectors, is committed to enhancing manufacturing processes through innovative solutions.

ETQ, part of Hexagon, will showcase its Reliance NXG Quality Management System (QMS) at the ASQ World Conference on Quality & Improvement in Anaheim, California, from May 15-18, 2022. The company aims to enhance quality processes amidst rising compliance requirements and operational complexities. Key presentations include sessions on quality harmonization and automated quality management workflows, demonstrating how organizations can achieve significant ROI and improved compliance. Attendees can experience live demos at the ETQ booth (#803).

The Board of Directors of Barnes Group (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on June 10, 2022, to shareholders of record by May 26, 2022. This marks a continuous dividend payout since 1934, reflecting the company's commitment to returning value to investors. Barnes Group remains dedicated to its mission of innovation across multiple sectors, including healthcare and manufacturing, underpinning its sustainable business model.

Barnes Group reported Q1 2022 net sales of $312 million, a 4% increase year-over-year, driven by 6% organic sales growth. Aerospace segment sales surged 23% to $101 million, while Industrial sales fell 4% to $212 million. Adjusted EPS rose 8% to $0.41. The company forecasts 2022 organic sales growth of 8% to 10% and adjusted EPS of $2.20 to $2.40, reflecting a 13% to 24% increase from prior year. Adjusted operating margin expectations decreased slightly to 12.5% to 13.5% due to inflationary pressures.

Barnes Group Inc. (NYSE: B) has appointed Ian M. Reason as the new Senior Vice President and President of Barnes Aerospace, effective May 2, 2022. He succeeds Michael A. Beck, who retires on April 30, 2022. Reason's extensive experience in the aerospace industry is expected to drive profitable growth and enhance productivity through automation and digitalization. Previously, he held senior roles at Triumph Group and BAE Systems, emphasizing his capability in leading business strategy and operations within the aerospace sector.