•Sales of $302 million, down 9% from last year; Organic Sales down 10%
•Operating Income of $32.4 million; Adjusted Operating Income down 37% from last year’s $51.7 million
•Operating Margin of 10.7%; Adjusted Operating Margin down 490 bps from last year’s 15.6%
•GAAP EPS of $0.38; Adjusted EPS down 46% from last year’s $0.71
•2021 Sales Growth Expectation Increased to 11% to 13% with Organic Sales Growth of 10% to 12%
•2021 EPS Outlook Increased to $1.78 to $1.98; Up 9% to 21% from 2020 Adjusted EPS of $1.64
BRISTOL, Conn., April 30, 2021 — Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the first quarter of 2021.
“Barnes Group delivered a strong first quarter to open 2021 with solid Industrial revenue growth and modest sequential improvement in Aerospace. The additional sales volumes contributed to better than expected operating profit in the quarter and allowed us to exceed the high-end of our EPS outlook,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “Our 2021 return to growth focus is off to a good start with strong orders and increasing backlog, factors which provide more confidence in our second half expectation. With a heightened conviction of an economic recovery in many of our end markets, we have increased our financial performance outlook for 2021,” added Dempsey.
First Quarter 2021 Highlights
First quarter 2021 net sales of $302 million were down 9% from $331 million in the prior year period, with organic sales (1) declining 10% driven by the impact of the global pandemic on the Company’s aerospace related end markets. Divested Seeger sales had a negative impact of 2%, while foreign exchange had a positive impact of 3%. On a sequential basis, sales improved 4% from the fourth quarter of 2020. Operating income was $32.4 million versus $49.3 million a year ago. Operating margin decreased 420 bps to 10.7%. On an adjusted basis, which excludes $2.4 million of Seeger divestiture adjustments in last year’s first quarter, operating income was down 37% and adjusted operating margin was down 490 bps from a year ago.
The following information was filed by Barnes Group Inc (B) on Friday, April 30, 2021 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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Ticker: B CIK: 9984 Form Type:10-Q Quarterly Report Accession Number: 0000009984-21-000085 Submitted to the SEC: Fri Apr 30 2021 1:13:44 PM EST Accepted by the SEC: Fri Apr 30 2021 Period: Wednesday, March 31, 2021 Industry: Miscellaneous Fabricated Metal Products