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Last $38.17 USD
Change Today +0.71 / 1.90%
Volume 211.2K
B On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 07/29/15 All times are local (Market data is delayed by at least 15 minutes).

barnes group inc (B) Key Developments

Barnes Group Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year of 2015

Barnes Group Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $314,941,000 against $322,074,000 a year ago. Operating income was $50,649,000 against $45,381,000 a year ago. Income before income taxes was $47,826,000 against $41,785,000 a year ago. Net income was $34,227,000 or $0.61 diluted per share against $30,228,000 or $0.54 diluted per share a year ago. Operating income as adjusted (Non-GAAP) was $51,279,000 against $49,564,000 a year ago. Net sales were down 2% from the second quarter of 2014 as positive organic growth of approximately 4% was more than offset by unfavorable foreign exchange of 6%. On an adjusted basis, net income was $0.62 diluted per share, up 5% from $0.59 diluted per share a year ago. Adjusted net income excludes $0.6 million pre-tax, or $0.01 per diluted share, of the last remaining Männer short-term purchase accounting adjustments. Second quarter 2014 adjusted net income excludes the impact of Männer short-term purchase accounting adjustments of $1.9 million pre-tax, or $0.02 per diluted share, and costs related to the closure of production operations at Associated Spring’s Saline, Michigan facility which were $2.3 million pre-tax, or $0.03 per diluted share. Cash generation continued to be strong, as second quarter cash provided by operating activities was $86 million versus $65 million a year ago. Free cash flow, which define as operating cash flow less capital expenditures, was $64 million versus $39 million last year. For the six months, the company reported net sales of $615,515,000 against $634,173,000 a year ago. Operating income was $94,544,000 against $80,506,000 a year ago. Income before income taxes was $88,920,000 against $73,356,000 a year ago. Net income was $63,303,000 or $1.14 diluted per share against $52,981,000 or $0.95 diluted per share a year ago. Net cash provided by operating activities was $85,911,000 against $64,913,000 a year ago. Capital expenditures were $22,376,000 against $25,802,000 a year ago. Free cash flow was $63,535,000 against $39,111,000 a year ago. Operating income as adjusted (Non-GAAP) was $96,025,000 against $92,340,000 a year ago. Diluted net income per share as adjusted (non-GAAP) was $1.16 against $1.10 a year ago. The company provided earnings guidance for the full year of 2015. The company’s GAAP earnings from continuing operations are now expected to be in the range of $2.43 to $2.53 per diluted share. Excluding $0.02 of the final Männer short-term purchase accounting adjustments recorded in 2015, adjusted diluted earnings per share from continuing operations is expected to be in the range of $2.45 to $2.55, up 5% to 9% from 2014’s adjusted diluted earnings per share of $2.34. Further, the company anticipates capital expenditures of approximately $55 million and cash conversion to approximate 100% of net income. For 2015, tax rate is expected to be between 28.5% to 29%, slightly lower than previous expectation.

Barnes Industrial Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Barnes Industrial announced unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $202,589,000 against $212,768,000 a year ago. Operating profit was $29,979,000 against $28,765,000 a year ago. Operating profit as adjusted (non-GAAP) was $30,609,000 against $32,948,000 a year ago. Unfavorable foreign exchange reduced sales by approximately $20 million, or 9%. The operating profit benefit from the contribution of organic sales growth was more than offset by lower productivity, including incremental costs related to new product introductions to support future growth programs, and the unfavorable impact of foreign exchange. For the six months, the company reported net sales of $402,938,000 against $416,656,000 a year ago. Operating profit was $60,958,000 against $48,140,000 a year ago. Operating profit as adjusted (non-GAAP) was $62,439,000 against $59,974,000 a year ago.

Barnes Group Inc. Declares Quarterly Dividend, Payable September 10, 2015

The Board of Directors of Barnes Group Inc. has declared a quarterly cash dividend of twelve cents ($0.12) per share. The dividend will be payable September 10, 2015 to shareholders of record at the close of business on August 27, 2015.

Barnes Group Inc. to Report Q2, 2015 Results on Jul 24, 2015

Barnes Group Inc. announced that they will report Q2, 2015 results at 9:00 AM, Eastern Standard Time on Jul 24, 2015

Barnes Group Inc., Q2 2015 Earnings Call, Jul 24, 2015

Barnes Group Inc., Q2 2015 Earnings Call, Jul 24, 2015

 

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Industry Analysis

B

Industry Average

Valuation B Industry Range
Price/Earnings 15.9x
Price/Sales 1.7x
Price/Book 1.8x
Price/Cash Flow 15.9x
TEV/Sales 1.2x
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