Barnes Group Inc. - B STOCK NEWS

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.

Barnes Group Inc. (NYSE: B) will release its first quarter 2021 financial results on April 30, 2021, prior to market opening. A conference call is scheduled for 8:30 a.m. (ET) that day to discuss the results and company outlook, accessible via a live audio webcast. Playback of the call will be available from 12:00 p.m. (ET) on April 30 until May 7, 2021. Barnes Group is recognized for delivering engineered products across various sectors including aerospace, healthcare, and manufacturing, underlining its commitment to sustainable growth and corporate accountability.

Barnes Group Inc. (NYSE: B) has appointed Lukas Hovorka as Senior Vice President, Corporate Development, effective March 1, 2021. Hovorka has been crucial in transforming the company and reshaping its business portfolio. As a senior leadership team member, he will focus on identifying and executing acquisition opportunities to enhance Barnes Group's strategic goals. Hovorka joined the company in 2008 and previously held roles in corporate development and finance at ITOCHU International, Robertson Stephens, and Goldman Sachs, holding an MBA from Wharton and a Bachelor's from USC.

Barnes Group (NYSE: B) reported Q4 2020 financial results, showing net sales of $289 million, a 22% decline year-over-year. The adjusted EPS was $0.36, down 58% from $0.86 in the prior year. Despite a challenging year due to the COVID-19 pandemic, the company experienced sequential revenue improvement, with a 7% increase from Q3 2020. For the full year, net sales totaled $1,124 million, a 25% drop compared to 2019. The company anticipates 2021 organic sales growth of 6-8% and adjusted EPS between $1.65 and $1.90. The focus remains on innovation and digital initiatives as markets stabilize.