Barnes Group Inc. - B STOCK NEWS

Barnes Group reported a strong second quarter for 2021, with net sales of $321 million, up 36% year-over-year. This growth was driven by a 31% increase in organic sales and 5% from favorable foreign exchange. Operating income grew to $38.5 million from $10.1 million a year prior, with a margin of 12%. Net income reached $24.5 million or $0.48 per share, compared to $0.01 in the same period last year. The company adjusted 2021 sales growth expectations upward to 11%-12%.

The Board of Directors of Barnes Group has announced a quarterly cash dividend of $0.16 per share, scheduled for payment on September 10, 2021. Shareholders must be on record by the close of business on August 26, 2021. This marks a continuous dividend payout since 1934, reflecting the company's commitment to returning value to its shareholders.

Barnes Group Inc. (NYSE: B) has appointed Jakki L. Haussler to its Board of Directors, effective July 15, 2021. She will be up for election at the 2022 Annual Meeting of Stockholders and will serve on the Compensation and Management Development Committee. Chairman Thomas O. Barnes expressed confidence in her extensive experience in public accounting and investment banking to enhance the company's growth strategy. Haussler co-founded Opus Capital Management and has held various leadership roles in other organizations, including Cincinnati Bell Inc.

Barnes Group Inc. (NYSE: B) will release its second quarter 2021 financial results on July 30, 2021, before market open. A conference call to discuss these results and the company's outlook will follow at 8:30 a.m. (ET) the same day. Investors can access the live audio webcast on the Investor Relations section of Barnes Group's website. The call will also be available for playback from 12:00 p.m. (ET) on July 30 until August 6, 2021. Barnes Group is recognized for providing innovative solutions across various sectors and is listed among America's Most Responsible Companies by Newsweek.

Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on June 10, 2021, to shareholders on record by May 27, 2021. This dividend marks a continuation of the company's long-standing commitment to return value to investors, with dividends having been paid since 1934. Barnes Group is recognized for its advanced industrial technologies across various sectors including aerospace and healthcare, and is listed among America’s Most Responsible Companies by Newsweek.

Barnes Group Inc. (NYSE: B) reported Q1 2021 net sales of $302 million, down 9% year-over-year, largely due to a 10% decline in organic sales from pandemic impacts, particularly in aerospace. Despite this, the company exceeded EPS expectations with net income at $19.4 million ($0.38/share). Adjusted EPS was $0.38, reflecting a 46% decrease from last year. Industrial sales rose 10%, countering a 38% drop in aerospace sales. For 2021, Barnes increased its organic sales growth forecast to 10%-12% and anticipates EPS between $1.78 and $1.98.

Barnes Group Inc. (NYSE: B) announced the appointment of Julie K. Streich as the new Senior Vice President, Finance and Chief Financial Officer, effective May 3, 2021. Streich brings extensive experience from her previous roles in multi-billion dollar companies, including Centrica PLC, where she was Senior Vice President, Head of Finance Operations. CEO Patrick Dempsey expressed confidence in her ability to drive profitable growth. Marian Acker will continue as Vice President, Controller, after serving as interim CFO.

Barnes Aerospace, a unit of Barnes Group (NYSE: B), has secured a multi-year contract with Northrop Grumman to produce major metallic subassemblies for the B-2 Spirit Stealth Bomber's Tailpipe Mid/Aft Assembly Full Fleet Replacement Program. The manufacturing will take place at the company’s Ogden, Utah facility, known for its expertise in precision exotic metal forming. Senior Vice President Mike Beck emphasized the commitment to providing superior manufacturing solutions and ongoing support for the B-2 program, highlighting the long-term relationship with Northrop Grumman.

Barnes Group Inc. (NYSE: B) has released its 2020 Environmental, Social & Governance (ESG) Report, continuing its commitment to corporate accountability and stakeholder engagement. Patrick J. Dempsey, CEO, highlighted the collective efforts of 5,000 employees in advancing ESG initiatives. The report reflects the company's ongoing progress and is aligned with their core values. Barnes Group is recognized as one of America’s Most Responsible Companies by Newsweek, reinforcing its dedication to sustainability and responsible operations. The full report is available on their corporate website.