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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 | |
---|---|---|---|---|---|---|---|---|
-1.44 | -4.01% | 34.47 | 36.12 | 32.65 | 35.59 | 343,334 | 01:00:00 |
1-4801 | 06-0247840 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
123 Main Street, Bristol, Connecticut | 06010 | |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. On February 20, 2015, Barnes Group Inc. issued a press release announcing the financial results of operations for the fourth quarter and year ended December 31, 2014. A copy is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Current Report on 8-K and the exhibit attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. | |
Item 9.01 | Financial Statements and Exhibits. Exhibit 99.1: Press Release issued February 20, 2015, announcing the financial results of operations for the fourth quarter and year ended December 31, 2014. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
Dated: February 20, 2015 | BARNES GROUP INC. | |
(Registrant) | ||
By: | /s/ CHRISTOPHER J. STEPHENS, JR. | |
Christopher J. Stephens, Jr. Senior Vice President, Finance and Chief Financial Officer |
Exhibit No. | Document Description | |
99.1 | Press Release, dated February 20, 2015, announcing the financial results of operations for the fourth quarter and year ended December 31, 2014. |
Exhibit 99.1 Barnes Group Inc. 123 Main Street Bristol, CT 06010 |
• | Sales of $310 million, up 7%; Organic Sales up 6% |
• | Operating Margin of 15.7%; Adjusted Operating Margin of 16.1%, up 190 bps |
• | Diluted EPS from Continuing Operations of $0.60, up 28%; |
• | Sales of $1,262 million, up 16%; Organic Sales up 6% |
• | Operating Margin of 14.3%; Adjusted Operating Margin of 15.4%, up 250 bps |
• | Diluted EPS from Continuing Operations of $2.16, up 65%; |
• | 2015 EPS from Continuing Operations of $2.40 to $2.55 per diluted share; |
• | Fourth quarter 2014 sales were $198.2 million, up 8% from $183.7 million in the same period last year. The Männer business, acquired in October 2013, provided $10.4 million of “acquisition” sales while Industrial’s organic sales grew 7% over the prior year period. Unfavorable foreign exchange negatively impacted sales by $9.0 million, or 5%. |
• | Operating profit of $27.0 million in the fourth quarter was up 74% from $15.5 million in the prior year period. Operating profit benefited from the contribution of Männer and higher organic sales, and was partially offset by $0.8 million of Männer short-term purchase accounting adjustments and $0.5 million of restructuring charges related to the closure of production operations at the Saline, Michigan facility. Last year’s fourth quarter included $7.3 million of short-term purchase accounting adjustments and transaction costs associated with the Männer acquisition. Excluding the acquisition related expenses and Saline closure costs, adjusted operating profit was $28.3 million, up 24% from a year ago. Adjusted operating margin was 14.3%, up 190 bps from last year’s adjusted operating margin of 12.4%. |
• | Full year 2014 sales were $822.1 million, up 20% from $687.6 million last year. The Männer business provided $113.7 million of “acquisition” sales increase while unfavorable foreign exchange negatively impacted sales by $7.3 million, or 1%. Industrial’s organic sales grew 4% over the prior year. |
• | Full year operating profit of $108.4 million was up 51% from $71.9 million in the prior year period. Operating profit benefited from the contribution of Männer and higher organic sales, and was partially offset by $8.5 million of Männer short-term purchase accounting adjustments and $6.0 million of restructuring charges related to the closure of production operations at the Saline, Michigan facility. For 2013, operating profit included $7.3 million of short-term purchase accounting adjustments and transaction costs related to the acquisition of Männer and $6.6 million of non-recurring CEO transition costs. Excluding these items, adjusted operating profit was $122.9 |
• | Fourth quarter 2014 sales were $112.0 million, up 4% from $107.4 million in the same period last year. Increased sales from the original equipment manufacturing ("OEM") business and aftermarket maintenance, repair and overhaul ("MRO") businesses were partially offset by lower aerospace spare parts sales. |
• | Operating profit was $21.6 million for the fourth quarter of 2014 as compared to $18.6 million for the prior year period. Operating profit in the quarter benefited from the contributions of increased sales in the OEM business, higher sales and profits in the MRO business, and were partially offset by increased employee related costs and the profit impact of lower spare parts sales. Operating margin was 19.3% in the quarter, up 200 basis points from 17.3% a year ago. |
• | Full year 2014 sales were $440.0 million, up 9% from $404.0 million in the same period last year. Increased sales from the OEM and MRO businesses were partially offset by lower aerospace spare parts sales. |
• | Operating profit was $71.6 million for the full year 2014 as compared to $51.3 million for the prior year. Operating profit benefited from the contributions of increased sales in the OEM business, higher profits in the MRO business, and the absence of an $8.6 million inventory valuation adjustment taken in the third quarter of 2013. These benefits were partially offset by increased employee related costs and the profit impact of lower spare parts sales. For 2013, operating profit included $3.9 million of non-recurring CEO transition costs. Excluding this item, adjusted operating profit for 2013 was $55.2 million. 2014 operating margin increased to 16.3%. |
• | Aerospace backlog was $523 million at the end of the fourth quarter, down 6% from last year-end and up 2% from the third quarter of 2014. |
• | Interest expense decreased $1.7 million to $11.4 million in 2014 primarily as a result of a lower average interest rate, offset in part by higher average borrowings for the year. |
• | The Company's effective tax rate from continuing operations for 2014 was 27.6% compared with 32.8% in 2013. Included in the full year 2013 income tax is a charge of approximately $16 million associated with the April 2013 U.S. Tax Court’s unfavorable decision. Excluding this charge, the full year 2013 adjusted effective tax rate was 17.5%. The effective tax rate increase in 2014 over the adjusted full year 2013 rate is due to a mix of earnings attributable to higher-taxing jurisdictions, the expiration of certain tax holidays, and the increase in the repatriation of a portion of current foreign earnings to the U.S. |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||
Net sales | $ | 310,173 | $ | 291,136 | 6.5 | $ | 1,262,006 | $ | 1,091,566 | 15.6 | |||||||||||
Cost of sales | 196,977 | 193,555 | 1.8 | 829,648 | 738,170 | 12.4 | |||||||||||||||
Selling and administrative expenses | 64,613 | 63,515 | 1.7 | 252,384 | 230,195 | 9.6 | |||||||||||||||
261,590 | 257,070 | 1.8 | 1,082,032 | 968,365 | 11.7 | ||||||||||||||||
Operating income | 48,583 | 34,066 | 42.6 | 179,974 | 123,201 | 46.1 | |||||||||||||||
Operating margin | 15.7 | % | 11.7 | % | 14.3 | % | 11.3 | % | |||||||||||||
Interest expense | 2,834 | 3,091 | (8.3 | ) | 11,392 | 13,090 | (13.0 | ) | |||||||||||||
Other expense (income), net | 314 | 835 | (62.4 | ) | 2,082 | 2,537 | (17.9 | ) | |||||||||||||
Income from continuing operations before income taxes | 45,435 | 30,140 | 50.7 | 166,500 | 107,574 | 54.8 | |||||||||||||||
Income taxes | 12,177 | 3,827 | NM | 45,959 | 35,253 | 30.4 | |||||||||||||||
Income from continuing operations | 33,258 | 26,313 | 26.4 | 120,541 | 72,321 | 66.7 | |||||||||||||||
(Loss) income from discontinued operations, net of income taxes | (1,746 | ) | 511 | NM | (2,171 | ) | 198,206 | NM | |||||||||||||
Net income | $ | 31,512 | $ | 26,824 | 17.5 | $ | 118,370 | $ | 270,527 | (56.2 | ) | ||||||||||
Common dividends | $ | 6,539 | $ | 5,927 | 10.3 | $ | 24,464 | $ | 22,422 | 9.1 | |||||||||||
Per common share: | |||||||||||||||||||||
Basic: | |||||||||||||||||||||
Income from continuing operations | $ | 0.60 | $ | 0.49 | 22.4 | $ | 2.20 | $ | 1.34 | 64.2 | |||||||||||
(Loss) income from discontinued operations, net of income taxes | (0.03 | ) | 0.01 | NM | (0.04 | ) | 3.68 | NM | |||||||||||||
Net income | $ | 0.57 | $ | 0.50 | 14.0 | $ | 2.16 | $ | 5.02 | (57.0 | ) | ||||||||||
Diluted: | |||||||||||||||||||||
Income from continuing operations | $ | 0.60 | $ | 0.47 | 27.7 | $ | 2.16 | $ | 1.31 | 64.9 | |||||||||||
(Loss) income from discontinued operations, net of income taxes | (0.03 | ) | 0.01 | NM | (0.04 | ) | 3.61 | NM | |||||||||||||
Net income | $ | 0.57 | $ | 0.48 | 18.8 | $ | 2.12 | $ | 4.92 | (56.9 | ) | ||||||||||
Dividends | 0.12 | 0.11 | 9.1 | 0.45 | 0.42 | 7.1 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 54,896,444 | 53,983,034 | 1.7 | 54,791,030 | 53,860,308 | 1.7 | |||||||||||||||
Diluted | 55,485,643 | 55,332,376 | 0.3 | 55,723,267 | 54,973,344 | 1.4 |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||
Net sales | ||||||||||||||||||||
Industrial | $ | 198,165 | $ | 183,739 | 7.9 | $ | 822,051 | $ | 687,550 | 19.6 | ||||||||||
Aerospace | 112,009 | 107,399 | 4.3 | 439,959 | 404,021 | 8.9 | ||||||||||||||
Intersegment sales | (1 | ) | (2 | ) | 50.0 | (4 | ) | (5 | ) | 20.0 | ||||||||||
Total net sales | $ | 310,173 | $ | 291,136 | 6.5 | $ | 1,262,006 | $ | 1,091,566 | 15.6 | ||||||||||
Operating profit | ||||||||||||||||||||
Industrial | $ | 27,015 | $ | 15,483 | 74.5 | $ | 108,360 | $ | 71,888 | 50.7 | ||||||||||
Aerospace | 21,568 | 18,583 | 16.1 | 71,614 | 51,313 | 39.6 | ||||||||||||||
Total operating profit | $ | 48,583 | $ | 34,066 | 42.6 | $ | 179,974 | $ | 123,201 | 46.1 | ||||||||||
Operating margin | Change | Change | ||||||||||||||||||
Industrial | 13.6 | % | 8.4 | % | 520 | bps. | 13.2 | % | 10.5 | % | 270 | bps. | ||||||||
Aerospace | 19.3 | % | 17.3 | % | 200 | bps. | 16.3 | % | 12.7 | % | 360 | bps. | ||||||||
Total operating margin | 15.7 | % | 11.7 | % | 400 | bps. | 14.3 | % | 11.3 | % | 300 | bps. |
December 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 46,039 | $ | 70,856 | |||
Accounts receivable | 275,890 | 258,664 | |||||
Inventories | 212,044 | 211,246 | |||||
Deferred income taxes | 31,849 | 18,226 | |||||
Prepaid expenses and other current assets | 22,574 | 18,204 | |||||
Total current assets | 588,396 | 577,196 | |||||
Deferred income taxes | 10,061 | 2,314 | |||||
Property, plant and equipment, net | 299,435 | 302,558 | |||||
Goodwill | 594,949 | 649,697 | |||||
Other intangible assets, net | 554,694 | 534,293 | |||||
Other assets | 26,350 | 57,615 | |||||
Total assets | $ | 2,073,885 | $ | 2,123,673 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Notes and overdrafts payable | $ | 8,028 | $ | 1,074 | |||
Accounts payable | 94,803 | 88,721 | |||||
Accrued liabilities | 161,397 | 154,514 | |||||
Long-term debt - current | 862 | 56,009 | |||||
Total current liabilities | 265,090 | 300,318 | |||||
Long-term debt | 495,844 | 490,341 | |||||
Accrued retirement benefits | 115,057 | 80,884 | |||||
Deferred income taxes | 70,147 | 94,506 | |||||
Other liabilities | 15,954 | 16,210 | |||||
Total stockholders' equity | 1,111,793 | 1,141,414 | |||||
Total liabilities and stockholders' equity | $ | 2,073,885 | $ | 2,123,673 |
Twelve months ended December 31, | |||||||
2014 | 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 118,370 | $ | 270,527 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 81,395 | 65,052 | |||||
Amortization of convertible debt discount | 731 | 2,391 | |||||
Loss (gain) on disposition of property, plant and equipment | 143 | (887 | ) | ||||
Stock compensation expense | 7,603 | 18,128 | |||||
Withholding taxes paid on stock issuances | (4,367 | ) | (2,090 | ) | |||
Loss (gain) on the sale of businesses | 1,586 | (313,708 | ) | ||||
Changes in assets and liabilities, net of the effects of acquisitions/divestitures: | |||||||
Accounts receivable | (21,367 | ) | (23,764 | ) | |||
Inventories | (10,092 | ) | 2,079 | ||||
Prepaid expenses and other current assets | (7,137 | ) | (2,172 | ) | |||
Accounts payable | 8,123 | 2,384 | |||||
Accrued liabilities | 24,402 | (9,891 | ) | ||||
Deferred income taxes | (9,841 | ) | 3,412 | ||||
Long-term retirement benefits | (7,584 | ) | (642 | ) | |||
Other | 4,933 | (729 | ) | ||||
Net cash provided by operating activities | 186,898 | 10,090 | |||||
Investing activities: | |||||||
Proceeds from disposition of property, plant and equipment | 849 | 1,767 | |||||
(Payments for) proceeds from the sale of businesses | (1,181 | ) | 538,942 | ||||
Change in restricted cash | 4,886 | — | |||||
Capital expenditures | (57,365 | ) | (57,304 | ) | |||
Business acquisitions, net of cash acquired | — | (307,264 | ) | ||||
Component Repair Program payments | (70,100 | ) | (16,639 | ) | |||
Other | (1,338 | ) | (2,058 | ) | |||
Net cash (used) provided by investing activities | (124,249 | ) | 157,444 | ||||
Financing activities: | |||||||
Net change in other borrowings | 7,009 | (2,753 | ) | ||||
Payments on long-term debt | (332,336 | ) | (555,195 | ) | |||
Proceeds from the issuance of long-term debt | 293,291 | 450,253 | |||||
Payment of assumed liability to Otto Männer Holding AG | (19,796 | ) | — | ||||
Premium paid on convertible debt redemption | (14,868 | ) | — | ||||
Proceeds from the issuance of common stock | 11,460 | 13,491 | |||||
Common stock repurchases | (8,389 | ) | (68,608 | ) | |||
Dividends paid | (24,464 | ) | (22,422 | ) | |||
Excess tax benefit on stock awards | 4,888 | 3,899 | |||||
Other | (338 | ) | (1,472 | ) | |||
Net cash used by financing activities | (83,543 | ) | (182,807 | ) | |||
Effect of exchange rate changes on cash flows | (3,923 | ) | (227 | ) | |||
Decrease in cash and cash equivalents | (24,817 | ) | (15,500 | ) | |||
Cash and cash equivalents at beginning of year | 70,856 | 86,356 | |||||
Cash and cash equivalents at end of year | $ | 46,039 | $ | 70,856 |
Twelve months ended December 31, | |||||||
2014 | 2013 | ||||||
Free cash flow: | |||||||
Net cash provided by operating activities | $ | 186,898 | $ | 10,090 | |||
Capital expenditures | (57,365 | ) | (57,304 | ) | |||
Free cash flow (1) | $ | 129,533 | $ | (47,214 | ) | ||
Free cash flow to net income cash conversion ratio (as adjusted): | |||||||
Free cash flow (from above) | $ | 129,533 | $ | (47,214 | ) | ||
Income tax (reduction) payments related to the gain on the sale of BDNA | (12,608 | ) | 130,004 | ||||
Free cash flow (as adjusted)(2) | 116,925 | 82,790 | |||||
Net income | 118,370 | 270,527 | |||||
Gain on the sale of BDNA, net of income taxes | — | (195,317 | ) | ||||
Net income (as adjusted)(2) | $ | 118,370 | $ | 75,210 | |||
Free cash flow to net income cash conversion ratio (as adjusted)(2) | 99 | % | 110 | % | |||
Notes: | |||||||
(1) The Company defines free cash flow as net cash provided by operating activities less capital expenditures. In 2013, net cash provided by operating activities is negatively impacted by $130.0 million of estimated income tax payments related to the gain on the sale of BDNA. The proceeds from the sale are reflected in investing activities. The Company believes that the free cash flow metric is useful to investors and management as a measure of cash generated by business operations that can be used to invest in future growth, pay dividends, repurchase stock and reduce debt. This metric can also be used to evaluate the Company's ability to generate cash flow from business operations and the impact that this cash flow has on the Company's liquidity. | |||||||
(2) For the purpose of calculating the cash conversion ratio, the Company has excluded the income tax payments related to the gain on the sale of BDNA made during 2013 and the utilization of the related year-end 2013 income tax receivable to offset 2014 payments from free cash flow and the gain on the sale of BDNA from net income. |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
Operating Profit - Industrial Segment (GAAP) | $ | 27,015 | $ | 15,483 | 74.5 | $ | 108,360 | $ | 71,888 | 50.7 | ||||||||||||||
Männer short-term purchase accounting adjustments | 792 | 5,456 | 8,504 | 5,456 | ||||||||||||||||||||
Männer acquisition transaction costs | — | 1,823 | — | 1,823 | ||||||||||||||||||||
Restructuring charges | 467 | — | 6,020 | — | ||||||||||||||||||||
CEO transition costs | — | — | — | 6,589 | ||||||||||||||||||||
Operating Profit - Industrial Segment as adjusted (Non-GAAP) (1) | $ | 28,274 | $ | 22,762 | 24.2 | $ | 122,884 | $ | 85,756 | 43.3 | ||||||||||||||
Operating Margin - Industrial Segment (GAAP) | 13.6 | % | 8.4 | % | 520 | bps. | 13.2 | % | 10.5 | % | 270 | bps. | ||||||||||||
Operating Margin - Industrial Segment as adjusted (Non-GAAP) (1) | 14.3 | % | 12.4 | % | 190 | bps. | 14.9 | % | 12.5 | % | 240 | bps. | ||||||||||||
Operating Profit - Aerospace Segment (GAAP) | $ | 21,568 | $ | 18,583 | 16.1 | $ | 71,614 | $ | 51,313 | 39.6 | ||||||||||||||
CEO transition costs | — | — | — | 3,903 | ||||||||||||||||||||
Operating Profit - Aerospace Segment as adjusted (Non-GAAP) (1) | $ | 21,568 | $ | 18,583 | 16.1 | $ | 71,614 | $ | 55,216 | 29.7 | ||||||||||||||
Operating Margin - Aerospace Segment (GAAP) | 19.3 | % | 17.3 | % | 200 | bps. | 16.3 | % | 12.7 | % | 360 | bps. | ||||||||||||
Operating Margin - Aerospace Segment as adjusted (Non-GAAP) (1) | 19.3 | % | 17.3 | % | 200 | bps. | 16.3 | % | 13.7 | % | 260 | bps. | ||||||||||||
CONSOLIDATED RESULTS | ||||||||||||||||||||||||
Operating Income (GAAP) | $ | 48,583 | $ | 34,066 | 42.6 | $ | 179,974 | $ | 123,201 | 46.1 | ||||||||||||||
Männer short-term purchase accounting adjustments | 792 | 5,456 | 8,504 | 5,456 | ||||||||||||||||||||
Männer acquisition transaction costs | — | 1,823 | — | 1,823 | ||||||||||||||||||||
Restructuring charges | 467 | — | 6,020 | — | ||||||||||||||||||||
CEO transition costs | — | — | — | 10,492 | ||||||||||||||||||||
Operating Income as adjusted (Non-GAAP) (1) | $ | 49,842 | $ | 41,345 | 20.6 | $ | 194,498 | $ | 140,972 | 38.0 | ||||||||||||||
Operating Margin (GAAP) | 15.7 | % | 11.7 | % | 400 | bps. | 14.3 | % | 11.3 | % | 300 | bps. | ||||||||||||
Operating Margin as adjusted (Non-GAAP) (1) | 16.1 | % | 14.2 | % | 190 | bps. | 15.4 | % | 12.9 | % | 250 | bps. | ||||||||||||
Diluted Income from Continuing Operations per Share (GAAP) | $ | 0.60 | $ | 0.47 | 27.7 | $ | 2.16 | $ | 1.31 | 64.9 | ||||||||||||||
Männer short-term purchase accounting adjustments | 0.01 | 0.07 | 0.11 | 0.07 | ||||||||||||||||||||
Männer acquisition transaction costs | — | 0.03 | — | 0.03 | ||||||||||||||||||||
Restructuring charges | 0.01 | — | 0.07 | — | ||||||||||||||||||||
CEO transition costs | — | — | — | 0.12 | ||||||||||||||||||||
April 2013 tax court decision | — | — | — | 0.30 | ||||||||||||||||||||
Diluted Income from Continuing Operations per Share as adjusted (Non-GAAP) (1) | $ | 0.62 | $ | 0.57 | 8.8 | $ | 2.34 | $ | 1.83 | 27.9 | ||||||||||||||
Full Year 2015 Outlook | ||||||||||||||||||||||||
Diluted Income from Continuing Operations per Share (GAAP) | $ | 2.40 | to | $ | 2.55 | |||||||||||||||||||
Männer short-term purchase accounting adjustments | 0.02 | |||||||||||||||||||||||
Diluted Income from Continuing Operations per Share as adjusted (Non-GAAP) (1) | $ | 2.42 | to | $ | 2.57 | |||||||||||||||||||
Notes: | ||||||||||||||||||||||||
(1) The Company has excluded the following from its "as adjusted" financial measurements: 1) short-term purchase accounting adjustments related to its Männer acquisition in 2014, 2) restructuring charges related to the closure of production operations at the Company's Associated Spring facility located in Saline, Michigan in 2014, 3) short-term purchase accounting adjustments and transaction costs related to its Männer acquisition in 2013, 4) CEO transition costs associated with the modification of outstanding equity awards in 2013 and 5) the tax charge associated with the April 2013 tax court decision in 2013. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use. | ||||||||||||||||||||||||
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