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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barnes Group Inc | NYSE:B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.30 | -0.77% | 38.89 | 39.19 | 38.11 | 38.96 | 345,330 | 01:00:00 |
Barnes Group Inc. (NYSE: B), a diversified global manufacturer and logistical services company, today reported financial results for the third quarter 2010. The Company reported net income of $15.1 million, or $0.27 per diluted share, compared to $10.9 million, or $0.20 per diluted share in the third quarter of 2009. Barnes Group’s third quarter 2010 sales totaled $289.9 million, an increase of 11.4 percent from $260.3 million in the third quarter of 2009.
($ millions; exceptper share data)
Three months ended September 30, Nine months ended September 30, 2010 2009 Change 2010 2009 Change Net Sales $289.9 $260.3 $29.6 11.4% $849.9 $777.7 $72.2 9.3% Operating Income $24.8 $14.6 $10.3 70.6% $68.2 $49.2 $19.0 38.7% % of Sales 8.6% 5.6% - 3.0 pts. 8.0% 6.3% - 1.7 pts. Net Income $15.1 $10.9 $4.2 38.7% $41.8 $32.8 $9.0 27.3% % of Sales 5.2% 4.2% - 1.0 pts. 4.9% 4.2% - 0.7 pts. Net Income Per Diluted Share $0.27 $0.20 $0.07 35.0% $0.75 $0.61 $0.14 23.0%“Continued improvements in the current economic climate, particularly within our industrial and automotive end markets, led to double-digit sales growth for the second consecutive quarter,” said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc. “This increase in sales, paired with our continued focus on maintaining an efficient cost structure and productivity, contributed to a meaningful improvement to our third quarter operating profit.
“We also experienced continued growth in our backlog and strong order rates, which position us well to build upon our success as we move into the fourth quarter,” Milzcik said. “While we are seeing strong growth in Precision Components and increased activity within our distribution and aerospace aftermarket businesses, we continue to remain cautious. Our 2010 diluted earnings per share guidance has been tightened to $0.95 to $1.00 given current and anticipated market conditions.”
Logistics and Manufacturing Services
Precision Components
Additional Information
Conference Call
The Company will conduct a conference call with investors to discuss third quarter 2010 results at 8:30 a.m. ET today, October 29, 2010. A webcast of the live call and an archived replay will be available on the Barnes Group investor relations link at www.BGInc.com.
Barnes Group Inc. (NYSE:B) is a diversified global manufacturer and logistical services company focused on providing precision component manufacturing and operating service support. Founded in 1857, over 4,800 dedicated employees at locations on four continents worldwide are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com. Barnes Group, the Critical Components People.
This release may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements are made based upon management’s good faith expectations and beliefs concerning future developments and their potential effect upon the Company and can be identified by the use of words such as “anticipated,” “believe,” “expect,” “plans,” “strategy,” “estimate,” “project,” and other words of similar meaning in connection with a discussion of future operating or financial performance. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. The risks and uncertainties, which are described in our periodic filings with the Securities and Exchange Commission, include, among others, uncertainties arising from the behavior of financial markets; future financial performance of the industries or customers that we serve; changes in market demand for our products and services; successful integration of acquired businesses; introduction of new products or transfer of work; changes in raw material prices and availability; foreign currency exposure; our dependence upon revenues and earnings from a small number of significant customers; uninsured claims; and numerous other matters of global, regional or national scale, including those of a political, economic, business, competitive, environmental, regulatory and public health nature. The Company assumes no obligation to update our forward-looking statements.
BARNES GROUP INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) Unaudited Three months ended September 30, Nine months ended September 30, 2010 2009 % Change 2010 2009 % Change Net sales $ 289,901 $ 260,339 11.4 $ 849,930 $ 777,690 9.3 Cost of sales 184,989 170,491 8.5 540,833 503,369 7.4 Selling and administrative expenses 80,079 75,291 6.4 240,915 225,161 7.0 265,068 245,782 7.8 781,748 728,530 7.3 Operating income 24,833 14,557 70.6 68,182 49,160 38.7 Operating margin 8.6 % 5.6 % 8.0 % 6.3 % Other income 56 1,545 (96.4 ) 290 4,205 (93.1 ) Interest expense 5,177 5,293 (2.2 ) 15,273 17,234 (11.4 ) Other expenses 829 293 NM 2,451 1,558 57.3 Income before income taxes 18,883 10,516 79.6 50,748 34,573 46.8 Income taxes (benefit) 3,779 (373 ) NM 8,992 1,778 NM Net income $ 15,104 $ 10,889 38.7 $ 41,756 $ 32,795 27.3 Common dividends $ 4,373 $ 4,357 0.4 $ 13,159 $ 21,220 (38.0 ) Per common share: Net income: Basic $ 0.27 $ 0.20 35.0 $ 0.75 $ 0.61 23.0 Diluted 0.27 0.20 35.0 0.75 0.61 23.0 Dividends 0.08 0.08 - 0.24 0.40 (40.0 ) Average common shares outstanding: Basic 55,346,517 54,257,791 2.0 55,428,865 53,462,672 3.7 Diluted 55,839,970 54,563,199 2.3 56,048,170 53,710,453 4.4 Notes: 2009 third quarter Other income included a $1,485 gain on the purchase of certain convertible debt and income taxes included the related tax expense of $563. 2009 year-to-date Other income included a $3,773 gain on the purchase of certain convertible debt and income taxes included the related tax expense of $1,431. BARNES GROUP INC. OPERATIONS BY REPORTABLE BUSINESS SEGMENT (Dollars in thousands) Unaudited Three months ended September 30, Nine months ended September 30, 2010 2009 % Change 2010 2009 % Change Net Sales Logistics and Manufacturing Services $ 138,937 $ 131,309 5.8 $ 412,679 $ 410,546 0.5 Precision Components 154,012 130,041 18.4 446,397 371,560 20.1 Intersegment sales (3,048 ) (1,011 ) NM (9,146 ) (4,416 ) NM Total net sales $ 289,901 $ 260,339 11.4 $ 849,930 $ 777,690 9.3 Operating profit Logistics and Manufacturing Services $ 10,799 $ 11,871 (9.0 ) $ 29,296 $ 38,777 (24.5 ) Precision Components 14,034 2,686 NM 38,886 10,383 NM Total operating profit 24,833 14,557 70.6 68,182 49,160 38.7 Interest income 56 54 2.7 211 371 (43.2 ) Interest expense (5,177 ) (5,293 ) (2.2 ) (15,273 ) (17,234 ) (11.4 ) Other income (expense), net (829 ) 1,198 NM (2,372 ) 2,276 NM Income before income taxes $ 18,883 $ 10,516 79.6 $ 50,748 $ 34,573 46.8 Notes: 2009 third quarter Other income (expense), net included a $1,485 gain on the purchase of certain convertible debt. 2009 year-to-date Other income (expense), net included a $3,773 gain on the purchase of certain convertible debt. BARNES GROUP INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) UnauditedSeptember 30,2010
December 31,2009
Assets Current assets Cash and cash equivalents $ 23,724 $ 17,427 Accounts receivable 189,693 160,269 Inventories 211,902 190,792 Deferred income taxes 9,040 23,630 Prepaid expenses and other current assets 14,577 10,562 Total current assets 448,936 402,680 Deferred income taxes 40,344 30,650 Property, plant and equipment, net 219,755 224,963 Goodwill 381,421 373,564 Other intangible assets, net 294,193 303,689 Other assets 18,964 16,444 Total assets $ 1,403,613 $ 1,351,990 Liabilities and Stockholders' Equity Current liabilities Notes and overdrafts payable $ 8,012 $ 4,595 Accounts payable 97,014 85,588 Accrued liabilities 80,189 73,538 Long-term debt - current 107,322 25,567 Total current liabilities 292,537 189,288 Long-term debt 241,679 321,306 Accrued retirement benefits 106,100 118,693 Other liabilities 36,894 37,990 Stockholders' equity 726,403 684,713 Total liabilities and stockholders' equity $ 1,403,613 $ 1,351,990 BARNES GROUP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Unaudited Nine months ended September 30, 2010 2009 Operating activities: Net income $ 41,756 $ 32,795 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 38,988 38,558 Amortization of convertible debt discount 4,251 4,558 Loss on disposition of property, plant and equipment 253 813 Gain on repurchase of convertible notes -- (3,773 ) Stock compensation expense 5,619 3,279 Withholding taxes paid on stock issuances (287 ) (610 ) Changes in assets and liabilities: Accounts receivable (27,671 ) 14,694 Inventories (19,492 ) 50,757 Prepaid expenses and other current assets (5,420 ) 4,378 Accounts payable 11,359 4,615 Accrued liabilities 5,906 (3,054 ) Deferred income taxes 4,469 (2,741 ) Long-term retirement benefits (12,155 ) (16,503 ) Other (579 ) (2,030 ) Net cash provided by operating activities 46,997 125,736 Investing activities: Proceeds from disposition of property, plant and equipment 1,384 981 Capital expenditures (22,463 ) (24,847 ) Other (2,393 ) (1,737 ) Net cash used by investing activities (23,472 ) (25,603 ) Financing activities: Net change in other borrowings 3,384 (4,861 ) Payments on long-term debt (243,658 ) (181,242 ) Proceeds from the issuance of long-term debt 241,667 94,900 Proceeds from the issuance of common stock 3,871 5,621 Common stock repurchases (9,014 ) (314 ) Dividends paid (13,159 ) (21,220 ) Other (160 ) (797 ) Net cash used by financing activities (17,069 ) (107,913 ) Effect of exchange rate changes on cash flows (159 ) 1,043 Increase (decrease) in cash and cash equivalents 6,297 (6,737 ) Cash and cash equivalents at beginning of period 17,427 20,958 Cash and cash equivalents at end of period $ 23,724 $ 14,221
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