Sales of $373 million, up 1% from last year; Organic Sales down 1%
Operating Margin of 18.1%; Up 170 bps from last year’s Adjusted Operating Margin of 16.4%
GAAP EPS of $0.89; up 14% versus last year’s Adjusted EPS of $0.78
Expectation of Flat 2019 Sales Growth; Organic Sales Down Low-Single Digits
2019 Adjusted Net Income Estimate of $3.18 to $3.23 per Share; Down 1% to Flat Compared to 2018 Adjusted Net Income of $3.22 per Share
BRISTOL, Conn., October 25, 2019 - Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the third quarter of 2019.
“The global industrial environment remains challenging across a number of fronts, requiring our management team to leverage our strengths in innovation, adapting our business approach, and managing our cost structure to effectively compete. This will allow Barnes Group’s transformed portfolio to maximize opportunities irrespective of market conditions,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “Continuing strength in our Aerospace business led to another record quarter of segment revenue and operating profit, as both new manufacturing and aftermarket experienced excellent growth. Our content on key strategic programs continues to translate into current performance and positions us very well for the future. At Industrial, despite end market weakness, proactive management actions and leveraging of the Barnes Enterprise System have allowed for sequential and year-over-year improvement in operating margin,” added Dempsey
Third Quarter 2019 Highlights
Net sales of $373 million in the third quarter were up 1% from $370 million in the prior year period, with organic sales (1) declining 1%. Acquisition sales contributed 4%, while foreign exchange negatively impacted sales by 2%. Operating income was $67.6 million, up 12% from an adjusted $60.6 million in the third quarter of 2018. Operating margin was 18.1%, up 170 bps versus an adjusted operating margin of 16.4% in the prior year period.
Interest expense increased $1.3 million, or 32%, to $5.3 million as a result of higher average borrowings due to the Gimatic acquisition, partially offset by a lower average interest rate.
The Company’s effective tax rate was 23.4% for the third quarter of 2019 compared with 25.6% for the prior year period largely due to a benefit of a foreign tax holiday which was granted in December 2018.
The following information was filed by Barnes Group Inc (B) on Friday, October 25, 2019 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: 0000009984-19-000100 Submitted to the SEC: Fri Oct 25 2019 8:46:10 AM EST Accepted by the SEC: Fri Oct 25 2019 Period: Monday, September 30, 2019 Industry: Miscellaneous Fabricated Metal Products