Barnes Group Inc. - B STOCK NEWS

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.

Barnes Group has declared a quarterly cash dividend of $0.16 per share, set to be paid on March 10, 2021.

Shareholders must be on record by the close of business on February 25, 2021.

Barnes Group Inc. has maintained a continuous dividend payout since 1934, reflecting its commitment to returning value to shareholders.

Barnes Group Inc. (NYSE: B) will announce its fourth-quarter and full-year 2020 financial results on February 19, 2021, before the market opens. A conference call to discuss these results and the company's outlook will start at 8:30 a.m. (ET) the same day. Interested parties can listen via a live audio webcast on Barnes Group's website or through direct dialing. A recorded playback will be available from 12:00 p.m. (ET) on February 19, 2021, until February 26, 2021.

Barnes Group Inc. (NYSE: B) announced the passing of Wallace 'Wally' Barnes, the former Chairman and CEO, who served the company for 34 years. Wally Barnes, known for his significant contributions and leadership from 1977 to 1991, is remembered fondly by the company's current leadership. His legacy includes both corporate leadership and philanthropy within the Bristol community, where he was involved in various initiatives. The company expresses condolences to his family and acknowledges his impact on the board and employees.

Barnes Group Inc. (NYSE: B) announced the departure of CFO Chris Stephens, who will leave for a larger public company role. He will remain until December 31, 2020, to ensure a smooth transition. Marian Acker, currently Vice President and Controller, will step in as interim CFO. Acker has extensive experience at Barnes Group, having served in various operational finance roles for 27 years. The company will conduct a search for a permanent CFO, considering both internal and external candidates. CEO Patrick J. Dempsey praised Stephens for his contributions and expressed confidence in Acker’s leadership.

Barnes Group reported Q3 2020 net sales of $269 million, down 28% year-over-year, with organic sales declining 26% due to the COVID-19 pandemic. Operating income decreased to $31.2 million, reflecting a drop in operating margin to 11.6%. The company expects Q4 organic sales to decline by 20% year-over-year but improve 5% sequentially. Adjusted EPS guidance for Q4 ranges from $0.27 to $0.35. Despite challenges, cash provided by operating activities remained stable at $163.4 million, with free cash flow at $133.2 million.

Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on December 10, 2020 to shareholders of record as of November 24, 2020. This marks the company's commitment to delivering consistent shareholder returns, as it has maintained uninterrupted dividend payments since 1934. Barnes Group offers engineered products and solutions across various sectors, including aerospace, healthcare, and manufacturing, reflecting its dedication to sustainable growth.