Fourth Quarter Sales of $291 million, Up 13%; Full Year Sales of $1,092 Million, Up 18%
Fourth Quarter Diluted EPS from Continuing Operations of $0.47, down 4%; Up 14% to $0.57 on an Adjusted Basis
Full Year Diluted EPS from Continuing Operations of $1.31, Down 9%; Up 20% to $1.83 on an Adjusted Basis
Exits 2013 with Record Year-End Backlog of $758 million
Successfully Closed Männer Acquisition
2014 EPS from Continuing Operations Guidance of $2.02 to $2.17 per diluted share;
$2.15 to $2.30 on an Adjusted Basis, Up 18% to 26% from 2013
BRISTOL, Conn., February 21, 2014 - Barnes Group Inc. (NYSE: B), an international industrial and aerospace manufacturer and service provider, today reported financial results for the fourth quarter and full year 2013.
Fourth quarter 2013 net sales increased 13% to $291.1 million from $258.2 million in last year’s fourth quarter, driven by organic sales growth of 5% and sales contribution from the recently acquired Männer business. Income from continuing operations for the fourth quarter was $26.3 million, or $0.47 per diluted share, down 4% from $0.49 in the prior year period. On an adjusted basis, income from continuing operations was $0.57, up 14% from $0.50 per diluted share a year ago. Adjusted diluted earnings from continuing operations excludes the impact of short-term purchase accounting adjustments and transaction costs which were $7.3 million pre-tax, or $0.10 per diluted share in the fourth quarter of 2013 related to the Männer acquisition, and $0.8 million pre-tax, or $0.01 per diluted share in the fourth quarter of 2012 related to the Synventive acquisition.
For the full year, Barnes Group generated net sales of $1,092 million, up 18% from last year; organic sales growth was 4%. Income from continuing operations was $72.3 million, or $1.31 per diluted share, compared to $79.8 million, or $1.44 per diluted share in 2012. For 2013, income from continuing operations included $7.3 million pre-tax, or $0.10 per diluted share, of short-term purchase accounting adjustments and transaction costs related to the acquisition of Männer, $10.5 million pre-tax, or $0.12 per diluted share, of non-recurring CEO transition costs, and a tax charge of $16.4 million, or $0.30 per diluted share, associated with the April 2013 U.S. Tax Court’s unfavorable decision arising out of an IRS audit for the tax years 2000 through 2002. Income from continuing operations in 2012 included $5.9 million pre-tax, or $0.08 per diluted share, of short-term purchase accounting adjustments and acquisition transaction costs related to the acquisition of Synventive. Excluding these items, adjusted diluted earnings per share from continuing operations was $1.83 for 2013, up 20% from $1.52 for 2012.
The following information was filed by Barnes Group Inc (B) on Friday, February 21, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-K Annual Report Accession Number: 0000009984-14-000030 Submitted to the SEC: Tue Feb 25 2014 4:37:19 PM EST Accepted by the SEC: Tue Feb 25 2014 Period: Tuesday, December 31, 2013 Industry: Miscellaneous Fabricated Metal Products