barnes group inc (B) Key Developments
Associated Spring Announces Opening of its New Innovation and Technology Center in Plymouth
Dec 18 14
Associated Spring, a business of Barnes Group Inc. announced the opening of its new Innovation and Technology Center (AS ITC) in Plymouth, MI. With this new facility, Associated Spring solidifies its commitment to innovation and market leadership in engineered precision spring solutions for its customers worldwide. In addition to the AS ITC, Associated Spring operates seven other global manufacturing and engineering divisions: four in the U.S. (Bristol, CT; Corry, PA; Milwaukee, WI and Syracuse, NY), one in Mexico, one in Brazil, and one in Singapore - with an eye for future additional footprint growth. The new AS ITC will house Associated Spring’s global headquarters, as well as its world-class metallurgical lab, and product/process and research and development (R&D) areas. Additionally, it will serve as a production center for high performance/racing, drag racing, and circle track racing springs, and other aftermarket applications. The AS ITC will also be a hub of New Product and Process Development (NPD), spring training events, technology benchmarking, and other customer/market focused initiatives. With the new Plymouth AS ITC location, Associated Spring’s Engineering and Sales teams will be closer to many of its local customers that are launching strategic platforms such as 8-, 9-, and 10-speed automotive automatic transmissions that benefit from the precision and value added engineering that AS provides to its customers. Furthermore, in partnership with its domestic and global divisions, the AS ITC will support its industrial customers with key technological advances, serving multiple markets such as transportation, aerospace/defense, construction/mining, diesel powertrain, race/performance, energy, medical, HVAC/compressor, consumer products, telecommunications/electronics and general industrial.
Barnes Group Inc. Announces Retirement of Thomas O. Barnes as Executive Chairman, Effective December 31, 2014
Nov 3 14
Barnes Group Inc. announced the pending retirement of Thomas O. Barnes. Mr. Barnes' official retirement date is December 31, 2014. After his retirement as Executive Chairman, and at the request of the Board of Directors of the Company, Mr. Barnes will serve as non-executive Chairman of the Board. Mr. Barnes will also continue to serve as Chairman of the Barnes Group Foundation -- the philanthropic arm of Barnes Group -- and actively assist Barnes Group with maintaining a key role in community affairs in the Bristol and Hartford, CT areas.
Barnes Group Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014
Oct 24 14
Barnes Group Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $317,659,000 compared to $269,491,000 for the same period last year. Operating income was $50,885,000 compared to $28,031,000 for the same period last year. Income from continuing operations before income taxes was $47,709,000 compared to $25,389,000 for the same period last year. Income from continuing operations was $34,302,000 or $0.62 diluted per common share against $21,381,000 or $0.39 diluted per common share a year ago. Net income was $33,877,000 or $0.61 per diluted share compared to $20,905,000 or $0.38 per diluted share for the same period last year. Non-GAAP operating income was $52,316,000 against $28,031,000 a year ago. Non-GAAP income from continuing operations diluted per share was $0.64 against $0.39 diluted per share a year ago.
For the nine months, the company reported net sales of $951,832,000 compared to $800,430,000 for the same period last year. Operating income was $131,391,000 compared to $89,136,000 for the same period last year. Income from continuing operations before income taxes was $121,065,000 compared to $77,434,000 for the same period last year. Net income was $86,858,000 or $1.56 per diluted share compared to $243,704,000 or $4.44 per diluted share for the same period last year. Income from continuing operations was $87,283,000 or $1.57 diluted per common share against $46,008,000 or $0.84 diluted per common share a year ago. Net cash provided by operating activities was $121,771,000 compared to $12,574,000 for the same period last year. Capital expenditures were $43,594,000 compared to $33,799,000 for the same period last year. Non-GAAP operating income was $144,656,000 against $99,628,000 a year ago. Non-GAAP income from continuing operations diluted per share was $1.73 against $1.26 diluted per share a year ago. Adjusted net income was $86,858,000 against $65,675,000 a year ago period.
The company now expects 2014 total revenue to grow 15% to 16%, 5% to 6% on an organic basis, and forecasts adjusted operating margins of approximately 15.5%. GAAP earnings from continuing operations are expected to be in the range of $2.10 to $2.15 per diluted share. Excluding Männer short-term purchase accounting adjustments and the Saline closure costs, adjusted diluted earnings per share from continuing operations are anticipated to be in the range of $2.30 to $2.35, up 26% to 28% from 2013's adjusted diluted earnings per share of $1.83. Further, the company continues to expect capital expenditures of approximately $60 million and cash conversion to be approximately 100% of net income.
Barnes Group Inc. Declares Increased Quarterly Dividend, Payable on December 10, 2014
Oct 17 14
The board of directors of Barnes Group Inc. declared the increased company's quarterly cash dividend 9% to 12% ($0.12) per share of common stock. The dividend will be payable on December 10, 2014 to shareholders of record at the close of business on November 26, 2014. On an annualized basis, the increase raises the annual dividend from 44 cents ($0.44) per share to 48 cents ($0.48) per share.
Barnes Group Inc. Enters into $100 Million Private Debt Placement
Oct 15 14
Barnes Group Inc. announced that it has entered into a Note Purchase Agreement to sell $100 million of 3.97% fixed-rate, senior unsecured notes due October 2024. Barnes Group expects to complete the funding of the transaction and issue the notes on October 17, 2014.