Barnes Group Inc. / 1


barneslogoq22014a04a01a01a47.jpg
 
 
 
Exhibit 99.1



Barnes Group Inc.
123 Main Street
Bristol, CT 06010
NEWS RELEASE

BARNES GROUP INC. REPORTS
SECOND QUARTER 2020 FINANCIAL RESULTS

Sales of $236 million, down 37% from last year; Organic Sales down 32%
Operating Income of $10.1 million; Adjusted Operating Income of $27.8 million, down 52%
Operating Margin of 4.3%; Adjusted Operating Margin of 11.8%, down 390 bps
GAAP EPS of $0.01; Adjusted EPS of $0.27, Down 64% from a Year Ago
Solid Balance Sheet Maintained, Leverage Sustained at 2.4x EBITDA
2020 Full Year Outlook Remains Suspended; Provides Third Quarter Expectation

BRISTOL, Conn., July 28, 2020
- Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the second quarter 2020.
“As expected, the severe disruption brought on by the COVID-19 pandemic significantly impacted our businesses across the globe. The aerospace industry was virtually shut down as aircraft manufacturers halted production and airlines cut flights, parked aircraft, and curtailed spending. Industrial end markets struggled as customers’ manufacturing operations were offline or operating at a fraction of their normal capacity,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “In anticipation of the approaching disruption, we took comprehensive pre-emptive actions to adjust our cost structure and preserve cash. While restructuring initiatives are never easy, our actions position the Company to remain competitive in a very challenging environment and will contribute to a more expedient recovery and a stronger business,” added Dempsey.

Second Quarter Highlights
Second quarter 2020 net sales of $236 million were down 37% from $372 million in the prior year period, with organic sales (1) declining 32%. Divested Seeger sales had a negative impact of 4%, while foreign exchange had a negative impact of 1%. Operating income was $10.1 million versus $57.0 million a year ago.
On July 6, 2020, the Company announced a second quarter restructuring charge, primarily related to workforce reductions, of approximately $18 million. Excluding this restructuring charge, and $1.4 million of Gimatic short-term purchase accounting adjustments last year, adjusted operating income was $27.8 million versus $58.3 million a year ago, a decrease of 52%. Adjusted operating margin was 11.8%, down 390 bps from 15.7% in the prior year period.
Interest expense was $3.9 million, a decrease of $1.5 million from the prior year period, due to decreased average borrowings and the benefit of a lower average interest rate.


The following information was filed by Barnes Group Inc (B) on Tuesday, July 28, 2020 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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