Operating Margin of 16.0%, Up 230 bps; Adjusted Operating Margin of 16.4%, Up 250 bps
Diluted EPS of $0.75, up 15% from Last Year; Adjusted Diluted EPS of $0.78, Up 18%
2018 Expected Sales Growth of 4% to 5%; Organic Sales Growth of 2% to 3%
2018 Expected Adjusted Net Income of $3.21 to $3.26 per Share; Up 11% to 13% from 2017
BRISTOL, Conn., October 26, 2018 - Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today reported financial results for the third quarter 2018. Net sales of $370 million were up 4% from $357 million in the prior year period driven by organic sales growth (1) of 4%. Acquisition sales added 1% while unfavorable foreign exchange had a negative impact of 1%. Net income for the third quarter was $39.1 million, or $0.75 per diluted share, compared to net income of $35.3 million, or $0.65 per diluted share, a year ago. On an adjusted basis, net income was $0.78 per diluted share, up 18% from $0.66 last year. Third quarter 2018 adjusted diluted net income excludes $0.02 of Industrial Gas Springs (IGS) short-term purchase accounting adjustments and $0.01 of acquisition transaction costs in our Industrial Segment. Adjusted diluted net income per share in the third quarter of 2017 excludes $0.01 of FOBOHA short-term purchase accounting, also 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 Group’s third quarter was another quarter of strong operating results, along with key steps taken toward our continued portfolio transformation,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “Year over year operating profit and margins were up impressively in both our Aerospace and Industrial businesses. While certain markets we operate in have introduced heightened uncertainty, we remain positioned to deliver our full year outlook within prior ranges. Moreover, our recent acquisitions expand our offerings of leading edge industrial technologies while providing us further end market diversification” added Dempsey.
Third quarter 2018 sales were $244.1 million, up 2% from $240.4 million in the prior year period. Driven by strength in the Molding Solutions business, Industrial organic sales increased by 2%. Unfavorable foreign exchange decreased sales by $4.1 million, or 2%, while acquisition revenues contributed $2.9 million, or 1%.
The following information was filed by Barnes Group Inc (B) on Friday, October 26, 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: 0000009984-18-000083 Submitted to the SEC: Mon Oct 29 2018 6:27:02 AM EST Accepted by the SEC: Mon Oct 29 2018 Period: Sunday, September 30, 2018 Industry: Miscellaneous Fabricated Metal Products