Operating Margin of 17.0%; Up 120 bps from Last Year’s Adjusted Operating Margin of 15.8%
Diluted EPS of $0.93, up 13% from the Prior Year Period; On an Adjusted Basis, Up 11% to $0.90
2018 Expected Sales Growth of 5% to 6%; Organic Sales Growth of 4% to 5%
2018 Adjusted Net Income of $3.18 to $3.28 per Share; Up 10% to 14% from 2017 Adjusted Net Income of $2.88 per Share
BRISTOL, Conn., July 27, 2018 - Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today reported financial results for the second quarter 2018. Net sales of $375 million were up 3% from $364 million in the prior year period driven by organic sales growth (1) of 1% and favorable foreign exchange of 2%. Net income for the second quarter was $49.4 million, or $0.93 per diluted share, compared to net income of $45.0 million, or $0.82 per diluted share, a year ago. On an adjusted basis, net income was $0.90 per diluted share, up 11% from $0.81 last year. Second quarter 2018 adjusted diluted net income excludes a benefit of $0.03 related to U.S. Tax Reform while adjusted diluted net income per share in the second quarter of 2017 excludes restructuring actions which provided a net benefit of $0.03 and short-term purchase accounting adjustments of $0.02 related to the FOBOHA acquisition in our Industrial Segment.
A table reconciling 2018 and 2017 non-GAAP adjusted results presented in this release to the Company’s GAAP results is included at the end of this press release.
“Barnes delivered an excellent second quarter of financial performance on continued strength of our Aerospace business and further improvement in our Industrial business,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “Operating income increased, operating margin expanded, and total backlog reached another record level. Given the solid performance delivered in the first half, and with a positive expectation for the remainder of the year, we have again raised our outlook for 2018,” added Dempsey.
Second quarter 2018 sales were $249.6 million, down 1% from $251.8 million in the prior year period. Organic sales decreased by 4%, while favorable foreign exchange increased sales by $7.1 million, or 3%.
The following information was filed by Barnes Group Inc (B) on Friday, July 27, 2018 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0000009984-18-000059 Submitted to the SEC: Fri Jul 27 2018 2:14:35 PM EST Accepted by the SEC: Fri Jul 27 2018 Period: Saturday, June 30, 2018 Industry: Miscellaneous Fabricated Metal Products