Fourth Quarter 2016:
- Sales of $324 million, up 13% from
last year’s fourth quarter; Organic Sales up 9%
- Operating Margin of 15.8%; Adjusted
Operating Margin of 16.0%, up 50 bps
- Diluted EPS of $0.67, up 52%; Up 12%
to $0.67 on an Adjusted Basis
Full Year 2016:
- Sales of $1,231 million, up 3% from
2015; Full Year Organic Sales Flat to 2015
- Operating Margin of 15.6%; Adjusted
Operating Margin of 16.0%, up 20 bps
- Diluted EPS of $2.48, up 13%; Up 6%
to $2.53 on an Adjusted Basis
2017 Outlook:
- 2017 Expected Sales Growth of 6% to
8%; Organic Sales Growth of 3% to 5%
- 2017 Adjusted Net Income of $2.61 to
$2.76 per Diluted Share; up 3% to 9% from 2016 Adjusted Net Income
of $2.53 per Diluted Share
Barnes Group Inc. (NYSE: B), a global industrial and aerospace
manufacturer and service provider, today reported financial results
for the fourth quarter and full year 2016.
Fourth quarter 2016 net sales of $324 million were up 13% from
$287 million in the prior year period driven by organic sales
growth (1) of 9% and acquisition sales of 5%. Foreign exchange
unfavorably impacted sales by 1%. Net income for the fourth quarter
was $36.7 million, or $0.67 per diluted share, compared to $24.4
million, or $0.44 per diluted share, a year ago. On an adjusted
basis, net income was $0.67 per diluted share, up 12% from $0.60
last year. Adjusted diluted net income per share in the fourth
quarter of 2016 excludes $0.03 of FOBOHA short-term purchase
accounting adjustments in our Industrial Segment and a $0.03
benefit related to a contract termination arbitration award in our
Aerospace Segment. Fourth quarter 2015 adjusted diluted net income
per share excludes restructuring and workforce reduction charges of
$0.05 and pension lump sum settlement charges of $0.11.
For the full year, Barnes Group generated net sales of $1,231
million, up 3% from $1,194 million last year. Full year organic
sales were flat, while acquisition sales of 4% were partially
offset by an unfavorable foreign exchange impact of 1%. Net income
for the year was $135.6 million, or $2.48 per diluted share,
compared to $121.4 million, or $2.19 per diluted share, a year ago.
On an adjusted basis, net income was $2.53 per diluted share, up 6%
from $2.38 last year. Adjusted diluted net income per share for
2016 excludes $0.05 of FOBOHA short-term purchase accounting
adjustments and acquisition transaction costs in our Industrial
Segment and a contract termination arbitration award which offset
related charges in our Aerospace Segment. For 2015, adjusted
diluted net income per share excludes a pension lump sum settlement
charge of $0.11, short-term purchase accounting adjustments and
acquisition transaction costs of $0.05 related to Männer,
Thermoplay and Priamus, restructuring and workforce reduction
charges of $0.05, and contract termination dispute charges of
$0.03. These unfavorable adjustments were partially offset by a
$0.05 per share contribution from a tax refund.
A table reconciling 2016 and 2015 non-GAAP adjusted results
presented in this release to the Company’s GAAP results is included
at the end of this press release.
“Barnes Group made great progress in 2016 on our
transformational journey to position the Company as a leading
global provider of engineered products and innovative solutions,”
said Patrick J. Dempsey, President and Chief Executive Officer of
Barnes Group Inc. “Our three strategic enablers – the Barnes
Enterprise System, Innovation, and Talent Management - were
instrumental in helping us further strengthen our competitive
advantage during the year, and they will empower our long-term
growth and success as we move forward.”
“Within our Industrial Segment, we added FOBOHA’s proprietary
cube mold technology to our advanced offerings in the plastic
injection molding industry. At Aerospace, considerable progress has
been made in the transition to new, emerging aircraft engine
programs. In addition, our resolute focus on driving the Barnes
Enterprise Systems deeper into our businesses has led to
substantial and sustainable productivity gains. These benefits are
reflected in the continued improvement of our financial
performance,” added Dempsey.
Industrial
- Fourth quarter 2016 sales were $215.7
million, up 13% from $190.2 million in the same period last year.
Organic sales increased by 8%, primarily driven by continued
strength in our Nitrogen Gas Products and Molding Solutions
businesses. Unfavorable foreign exchange reduced sales by
approximately $3.4 million, or 2%, while the FOBOHA business
contributed $14.3 million in acquisition sales.
- Operating profit in the fourth quarter
was $30.2 million, up 106% from $14.7 million in the prior year
period. The increase was driven by the profit impact of increased
organic sales volumes, productivity, and the absence of pension
lump sum settlement charges, restructuring and workforce reduction
charges, and acquisition short-term purchase accounting and
transaction costs which negatively impacted operating profit last
year. The fourth quarter of 2016 includes FOBOHA short-term
purchase accounting adjustments of $1.8 million. On an adjusted
basis, operating profit of $32.0 million was up 24% from an
adjusted $25.9 million a year ago. Adjusted operating margin was
14.8%, up 120 bps.
- Full year 2016 sales were $824.2
million, up 5% from $782.3 million last year. Organic sales of
approximately 1% benefited from strong Molding Solutions end
markets. Unfavorable foreign exchange impacted sales by $9.6
million or 1%, while acquisition revenues were approximately $47.4
million.
- Full year operating profit of $129.7
million was up 26% from $103.0 million in the prior year. Operating
profit benefited from higher productivity, the profit contribution
of acquired businesses, and the absence of pension lump sum
settlement charges, short-term purchase accounting adjustments and
acquisition transaction costs, and restructuring and workforce
reduction charges that impacted 2015 results. For 2016, operating
profit included $3.5 million of FOBOHA short-term purchase
accounting adjustments and acquisition transaction costs. On an
adjusted basis, operating profit was $133.2 million for 2016 versus
$117.5 million a year ago, an increase of 13%. Adjusted operating
margin was 16.2%, up 120 bps from last year.
Aerospace
- Fourth quarter 2016 sales were $108.5
million, up 12% from $96.8 million in the same period last year.
Aerospace original equipment manufacturing (“OEM”) sales increased
as a result of higher volumes including $4.0 million from a
contract termination arbitration award. In the aftermarket,
maintenance, repair and overhaul (“MRO”) sales and spare parts
sales were both favorable to a year ago.
- Operating profit was $21.1 million for
the fourth quarter of 2016, compared to $15.4 million in the prior
year period. The operating profit increase reflects the profit
impact from higher sales volumes, a $1.4 million benefit from the
contract termination arbitration award, and the absence of pension
lump sum settlement charges and restructuring and workforce
reduction charges taken last year. On an adjusted basis, operating
profit was $19.8 million, up 6% from $18.6 million a year ago.
Adjusted operating margin was 18.2%, down 100 bps.
- Full year 2016 sales were $406.5
million, down 1% from $411.7 million last year. Decreased sales
from the OEM and spare parts businesses were only partially offset
by higher MRO sales.
- Operating profit was $62.5 million for
2016 versus $65.4 million a year ago. Operating profit was
unfavorably impacted by OEM price deflation, the profit impact of
lower volumes of aftermarket spare parts, and unfavorable
productivity, offset in part by lower net contract termination
dispute charges, the absence of pension lump sum settlement
charges, and restructuring and workforce reduction charges taken
last year. Full year 2016 adjusted operating profit was $64.1
million, down 10% from $71.4 million in the prior year. Adjusted
operating margin was 15.8%, down 150 bps.
- Aerospace backlog was $636 million at
the end of the fourth quarter of 2016, up 11% year-over-year and
flat sequentially from the third quarter of 2016.
Additional Information
- Interest expense increased $1.2 million
to $11.9 million in 2016 primarily as a result of a higher average
interest rate versus a year ago.
- Other income, net in 2016 was $2.3
million compared to $0.2 million a year ago primarily driven by
$1.4 million of interest income related to the contract termination
arbitration award.
- The Company's effective tax rate for
2016 was 25.7% compared with 23.2% in 2015. The increase is
primarily due to the expiration of certain tax holidays, the
absence of the 2015 refund of withholding taxes and the change in
the mix of earnings attributable to higher-taxing jurisdictions,
partially offset by lower repatriations of a portion of current
year foreign earnings to the U.S. and the tax benefits recorded as
a result of the new accounting guidance for stock based
compensation.
2017 Outlook
Barnes Group expects 2017 total revenue growth of 6% to 8% with
organic revenue growth of 3% to 5% after consideration of 1%
unfavorable foreign exchange and a positive 4% from acquisition
revenues. Operating margins are forecasted to be in the range of
16% to 17%. Adjusted earnings from continuing operations are
expected to be in the range of $2.61 to $2.76 per diluted share, up
3% to 9% from 2016’s adjusted diluted earnings per share of $2.53.
Further, the Company anticipates capital expenditures of
approximately $55 million and cash conversion to be approximately
100% of net income. For 2017, the effective tax rate is expected to
be in the range of 27% to 28%.
“Strengthening operating and financial performance over the
second half of 2016, coupled with our organic investments in growth
programs and recent acquisitions, provide positive momentum heading
into 2017,” said Christopher J. Stephens, Jr., Senior Vice
President, Finance and Chief Financial Officer, Barnes Group Inc.
“We expect to sustain solid cash flow generation and favorable cash
conversion. We’ll continue to invest in our businesses and look for
further value-enhancing acquisitions, all with a well-positioned
and supportive balance sheet.”
Conference Call Information
Barnes Group Inc. will conduct a conference call with investors
to discuss fourth quarter and full year 2016 results at 8:30 a.m.
ET today, February 17, 2017. The public may access the conference
through a live audio webcast available on the Investor Relations
section of Barnes Group’s website at www.BGInc.com. The conference
is also available by direct dial at (877) 201-0168 in the U.S. or
(647) 788-4901 outside of the U.S.; Conference ID 15080325.
Supplemental materials will be posted to the Investor Relations
section of the Company's website prior to the conference call.
In addition, the call will be recorded and available for
playback from 12:00 p.m. (ET) on Friday, February 17, 2017 until
11:59 p.m. (ET) on Friday, February 24, 2017, by dialing (404)
537-3406; Conference ID 15080325.
Note:(1) Organic sales growth represents the total
reported sales increase within the Company’s ongoing businesses
less the impact of foreign currency translation and acquisition and
divestitures completed in the preceding twelve months.
About Barnes GroupFounded in 1857, Barnes Group Inc.
(NYSE: B) is a global industrial and aerospace manufacturer and
service provider, serving a wide range of end markets and
customers. The highly engineered products, differentiated
industrial technologies, and innovative solutions delivered by
Barnes Group are used in far-reaching applications that provide
transportation, manufacturing, healthcare, and technology to the
world. Barnes Group’s skilled and dedicated employees around the
globe are committed to achieving consistent and sustainable
profitable growth. For more information, visit www.BGInc.com.
Forward-Looking StatementsThis press release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements often
address our expected future operating and financial performance and
financial condition, and often contain words such as "anticipate,"
"believe," "expect," "plan," "estimate," "project," and similar
terms. Among others, our sales outlook, backlog, aircraft
utilization, demographics, exchange rate assumptions, sales per
aircraft and guidance are all forward-looking statements. These
forward-looking statements do not constitute guarantees of future
performance and are subject to a variety of risks and uncertainties
that may cause actual results to differ materially from those
expressed in the forward-looking statements. These include, among
others: difficulty maintaining relationships with employees,
including unionized employees, customers, distributors, suppliers,
business partners or governmental entities; failure to successfully
negotiate collective bargaining agreements or potential strikes,
work stoppages or other similar events; changes in market demand
for our products and services; rapid technological and market
change; the ability to protect intellectual property rights;
introduction or development of new products or transfer of work;
higher risks in international operations and markets; the impact of
intense competition; acts of terrorism, cybersecurity attacks or
intrusions that could adversely impact our businesses;
uncertainties relating to conditions in financial markets; currency
fluctuations and foreign currency exposure; future financial
performance of the industries or customers that we serve; our
dependence upon revenues and earnings from a small number of
significant customers; a major loss of customers; inability to
realize expected sales or profits from existing backlog or
consistent with projected sales per aircraft due to a range of
factors, including changes in customer sourcing decisions,
materials, material costs, part design, quantity of parts per
engine, percentage of work directed to us, engine spares, cost
schedules, production schedules and volumes of specific programs;
the impact of government budget and funding decisions; changes in
raw material or product prices and availability; integration of
acquired businesses; restructuring costs or savings; the continuing
impact of prior acquisitions and divestitures, and any other future
strategic actions, including acquisitions, divestitures,
restructurings, or strategic business realignments, including the
integration of the FOBOHA business, and our ability to achieve the
financial and operational targets set in connection with any such
actions; the outcome of pending and future legal, governmental, or
regulatory proceedings and contingencies and uninsured claims;
future repurchases of common stock; future levels of indebtedness;
and numerous other matters of a global, regional or national scale,
including those of a political, economic, business, competitive,
environmental, regulatory and public health nature; and other risks
and uncertainties described in documents filed with or furnished to
the Securities and Exchange Commission ("SEC") by the Company,
including, among others, those in the Management's Discussion and
Analysis of Financial Condition and Results of Operations and Risk
Factors sections of the Company's filings. The Company assumes no
obligation to update its forward-looking statements.
BARNES GROUP INC.CONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
data)(Unaudited)
Three months endedDecember
31,
Twelve months endedDecember
31,
2016
2015
% Change
2016
2015
% Change Net sales $ 324,167 $ 287,026 12.9 $
1,230,754 $ 1,193,975 3.1 Cost of sales 208,271 189,208 10.1
790,299 782,817 1.0 Selling and administrative expenses
64,522 67,714 (4.7 ) 248,277
242,762 2.3 272,793
256,922 6.2 1,038,576 1,025,579
1.3 Operating income 51,374 30,104 70.7 192,178 168,396 14.1
Operating margin 15.8 % 10.5 % 15.6 % 14.1 % Interest
expense 3,057 2,754 11.0 11,883 10,698 11.1 Other expense (income),
net (2,351 ) (21 ) NM (2,326 ) (248 )
NM Income before income taxes 50,668 27,371 85.1 182,621
157,946 15.6 Income taxes 13,954 2,965
NM 47,020 36,566 28.6 Net
income $ 36,714 $ 24,406 50.4 $ 135,601 $
121,380 11.7 Common dividends $ 6,991 $ 6,463
8.2 $ 27,435 $ 26,176 4.8 Per common
share: Net income: Basic $ 0.68 $ 0.45 51.1 $ 2.50 $ 2.21
13.1 Diluted 0.67 0.44 52.3 2.48 2.19 13.2 Dividends 0.13 0.12 8.3
0.51 0.48 6.3 Weighted average common shares outstanding:
Basic 54,133,060 54,693,605 (1.0 ) 54,191,013 55,028,063 (1.5 )
Diluted 54,574,734 55,111,974 (1.0 ) 54,631,313 55,513,219 (1.6 )
NM - Not Meaningful
BARNES GROUP
INC.OPERATIONS BY REPORTABLE BUSINESS SEGMENT(Dollars
in thousands)(Unaudited)
Three months endedDecember
31,
Twelve months endedDecember
31,
2016 2015 % Change 2016 2015
% Change Net sales Industrial $ 215,682 $ 190,229
13.4 $ 824,216 $ 782,273 5.4 Aerospace 108,486 96,800 12.1
406,541 411,709 (1.3 ) Intersegment sales (1 )
(3 ) (3 ) (7 ) Total net sales $ 324,167
$ 287,026 12.9 $ 1,230,754 $ 1,193,975
3.1 Operating profit Industrial $ 30,232 $ 14,687
105.8 $ 129,677 $ 102,950 26.0 Aerospace 21,142
15,417 37.1 62,501 65,446
(4.5 ) Total operating profit $ 51,374 $
30,104 70.7 $ 192,178 $ 168,396 14.1
Operating margin
Change Change Industrial 14.0
% 7.7 %
630 bps.
15.7 % 13.2 %
250 bps.
Aerospace 19.5 % 15.9 %
360 bps.
15.4 % 15.9 %
(50) bps.
Total operating margin 15.8 % 10.5 %
530 bps.
15.6 % 14.1 %
150 bps.
BARNES GROUP INC.CONSOLIDATED
BALANCE SHEETS(Dollars in thousands)(Unaudited)
December 31,2016
December 31,2015
Assets Current assets Cash and cash equivalents $ 66,447 $
83,926 Accounts receivable 287,123 261,757 Inventories 227,759
208,611 Deferred income taxes - 24,825 Prepaid expenses and other
current assets 27,163 32,469 Total current
assets 608,492 611,588 Deferred income taxes 25,433
1,139 Property, plant and equipment, net 334,489 308,856 Goodwill
633,436 587,992 Other intangible assets, net 522,258 528,322 Other
assets 13,431 23,969 Total assets $ 2,137,539
$ 2,061,866
Liabilities and Stockholders' Equity
Current liabilities Notes and overdrafts payable $ 30,825 $ 22,680
Accounts payable 112,024 97,035 Accrued liabilities 156,967 131,320
Long-term debt - current 2,067 1,515 Total
current liabilities 301,883 252,550 Long-term debt 468,062
485,711 Accrued retirement benefits 109,350 112,888 Deferred income
taxes 66,446 62,364 Other liabilities 23,440 20,600 Total
stockholders' equity 1,168,358 1,127,753 Total
liabilities and stockholders' equity $ 2,137,539 $ 2,061,866
BARNES GROUP INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(Dollars in thousands)(Unaudited)
Twelve months ended December 31,
2016
2015
Operating activities: Net income $ 135,601 $ 121,380
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 80,154 78,242
Gain on disposition of property, plant and equipment (349 ) (1,128
) Stock compensation expense 11,493 9,258 Pension lump-sum
settlement charge - 9,856
Changes in assets and liabilities, net of
the effects of acquisitions:
Accounts receivable (23,057 ) 14,027 Inventories 1,989 (1,190 )
Prepaid expenses and other current assets 569 (2,645 ) Accounts
payable 11,778 (2,936 )
Accrued liabilities
15,825 (14,166 ) Deferred income taxes (2,210 ) 3,121 Long-term
retirement benefits (15,492 ) 1,081 Other 1,345
2,575 Net cash provided by operating
activities 217,646 217,475
Investing activities:
Proceeds from disposition of property, plant and equipment 780
3,442 Capital expenditures (47,577 ) (45,982 ) Business
acquisitions, net of cash acquired (128,613 ) (51,954 ) Component
Repair Program payments (4,100 ) (21,000 ) Net
cash used by investing activities (179,510 ) (115,494 )
Financing activities: Net change in other borrowings 8,375
14,680 Payments on long-term debt (321,506 ) (171,198 ) Proceeds
from the issuance of long-term debt 303,277 159,264 Proceeds from
the issuance of common stock 4,611 11,425 Common stock repurchases
(20,520 ) (52,103 ) Dividends paid (27,435 ) (26,176 ) Withholding
taxes paid on stock issuances (4,885 ) (4,913 ) Other 4,771
9,850 Net cash used by financing
activities (53,312 ) (59,171 ) Effect of exchange rate
changes on cash flows (2,303 ) (4,923 )
(Decrease) increase in cash and cash equivalents (17,479 ) 37,887
Cash and cash equivalents at beginning of year 83,926
46,039 Cash and cash equivalents at end
of year $ 66,447 $ 83,926
BARNES
GROUP INC.RECONCILIATION OF NET CASH PROVIDED BY OPERATING
ACTIVITIES TO FREE CASH FLOW(Dollars in
thousands)(Unaudited)
Twelve months endedDecember
31,
2016
2015
Free cash flow: Net cash provided by operating
activities $ 217,646 $ 217,475 Capital expenditures (47,577
) (45,982 ) Free cash flow(1) $ 170,069 $
171,493
Free cash flow to net income cash
conversion ratio (as adjusted): Net income 135,601
121,380 Pension lump-sum settlement charge, net of tax -
6,182 Net income (as adjusted)(2) $ 135,601
$ 127,562 Free cash flow to net income cash
conversion ratio (as adjusted)(2) 125 % 134 %
Notes:
(1) The Company defines free cash flow as net cash provided by
operating activities less capital expenditures. The Company
believes that the free cash flow metric is useful to investors and
management as a measure of cash generated by business operations
that can be used to invest in future growth, pay dividends,
repurchase stock and reduce debt. This metric can also be used to
evaluate the Company's ability to generate cash flow from business
operations and the impact that this cash flow has on the Company's
liquidity.
(2) For the purpose of calculating the cash conversion ratio,
the Company has excluded the pension lump-sum settlement charge,
net of tax, from 2015 net income.
BARNES GROUP INC.NON-GAAP FINANCIAL MEASURE
RECONCILIATION(Dollars in thousands, except per share
data)(Unaudited)
Three months endedDecember
31,
Twelve months endedDecember
31,
2016 2015 % Change 2016 2015
% Change SEGMENT RESULTS Operating
Profit - Industrial Segment (GAAP) $ 30,232 $ 14,687 105.8 $
129,677 $ 102,950 26.0 Männer short-term purchase accounting
adjustments - - - 1,481 Thermoplay short-term purchase accounting
adjustments - 21 - 1,167 Restructuring/reduction in force - 3,448 -
3,448 Pension lump-sum settlement charge - 7,450 - 7,450
Acquisition transaction costs (14 ) 264 1,164 970 FOBOHA short-term
purchase accounting adjustments 1,786 -
2,316 -
Operating Profit -
Industrial Segment as adjusted (Non-GAAP) (1) $ 32,004
$ 25,870 23.7 $ 133,157 $ 117,466
13.4
Operating Margin - Industrial Segment
(GAAP) 14.0 % 7.7 % 630 bps. 15.7 % 13.2 % 250 bps.
Operating Margin - Industrial Segment as adjusted (Non-GAAP)
(1) 14.8 % 13.6 % 120 bps. 16.2 % 15.0 % 120 bps.
Operating Profit - Aerospace Segment (GAAP) $ 21,142 $
15,417 37.1 $ 62,501 $ 65,446 (4.5 ) Restructuring/reduction
in force - 774 - 774 Pension lump-sum settlement charge - 2,405 -
2,405 Contract termination dispute charges 7 - 3,005 2,788 Contract
termination arbitration award (1,371 ) -
(1,371 ) -
Operating Profit -
Aerospace Segment as adjusted (Non-GAAP) (1) $ 19,778
$ 18,596 6.4 $ 64,135 $ 71,413 (10.2 )
Operating Margin - Aerospace Segment (GAAP) 19.5 %
15.9 % 360 bps. 15.4 % 15.9 % (50 )bps.
Operating Margin -
Aerospace Segment as adjusted (Non-GAAP) (1)
18.2 % 19.2 % (100 ) bps.
15.8 % 17.3 % (150 )bps.
CONSOLIDATED RESULTS Operating Income
(GAAP) $ 51,374 $ 30,104 70.7 $ 192,178 $ 168,396 14.1
Männer short-term purchase accounting adjustments - - - 1,481
Thermoplay short-term purchase accounting adjustments - 21 - 1,167
Restructuring/reduction in force - 4,222 - 4,222 Pension lump-sum
settlement charge - 9,856 - 9,856 Acquisition transaction costs (14
) 264 1,164 970 FOBOHA short-term purchase accounting adjustments
1,786 - 2,316 - Contract termination dispute charges 7 - 3,005
2,788 Contract termination arbitration award (1,371 )
- (1,371 ) -
Operating Income
as adjusted (Non-GAAP) (1) $ 51,782 $ 44,467
16.5 $ 197,292 $ 188,880 4.5
Operating Margin (GAAP) 15.8 % 10.5 % 530 bps. 15.6 % 14.1 %
150 bps.
Operating Margin as adjusted (Non-GAAP) (1)
16.0 % 15.5 % 50
bps. 16.0 % 15.8 % 20 bps.
Diluted Net Income per Share (GAAP) $ 0.67 $ 0.44
52.3 $ 2.48 $ 2.19 13.2 Männer short-term purchase
accounting adjustments - - - 0.02 Thermoplay short-term purchase
accounting adjustments - - - 0.01 Tax benefit recognized for refund
of withholding taxes - - - (0.05 ) Restructuring/reduction in force
- 0.05 - 0.05 Pension lump-sum settlement charge - 0.11 - 0.11
Acquisition transaction costs - - 0.02 0.02 FOBOHA short-term
purchase accounting adjustments 0.03 - 0.03 - Contract termination
dispute charges - - 0.03 0.03 Contract termination arbitration
award (0.03 ) - (0.03 ) -
Diluted Net Income per Share as adjusted (Non-GAAP)
(1) $ 0.67 $ 0.60 11.7 $ 2.53 $ 2.38
6.3
Full-Year 2017
Outlook Diluted Net Income per Share (GAAP) $ 2.58 to $
2.73 FOBOHA short-term purchase accounting adjustments
0.03
Diluted Net Income per Share as
adjusted (Non-GAAP) (1) $ 2.61 to $ 2.76
Notes:
(1) The Company has excluded the following from its "as
adjusted" financial measurements for 2016: 1) transaction costs
related to its FOBOHA acquisition, 2) short-term purchase
accounting adjustments related to its FOBOHA acquisition, 3)
charges related to the contract termination dispute and 4)
operating income related to the contract termination arbitration
award and the non-operating interest income awarded. The Company
has excluded the following from its "as adjusted" financial
measurements for 2015: 1) short-term purchase accounting
adjustments related to its Männer acquisition, 2) short-term
purchase accounting adjustments related to its Thermoplay
acquisition, 3) a tax benefit recognized related to a refund of
withholding taxes that were previously paid and included in tax
expense in prior years, 4) restructuring and workforce reduction
charges, 5) the pension lump-sum settlement charge, 6) transaction
costs related to its Thermoplay and Priamus acquisitions and 7)
charges related to the contract termination dispute. The tax effect
of these items was calculated based on the respective tax
jurisdiction of each item. In 2015, the tax effect on the
acquisition transaction costs, based on the countries in which such
costs originated, approximated 14%. The remaining items include tax
effects that range from approximately 23% to 37%. Management
believes that these adjustments provide the Company and its
investors with an indication of our baseline performance excluding
items that are not considered to be reflective of our ongoing
results. Management does not intend results excluding the
adjustments to represent results as defined by GAAP, and the reader
should not consider it as an alternative measurement calculated in
accordance with GAAP, or as an indicator of the Company's
performance. Accordingly, the measurements have limitations
depending on their use.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170217005043/en/
Barnes Group Inc.William PittsDirector, Investor
Relations860-583-7070
Barnes (NYSE:B)
Historical Stock Chart
From Apr 2024 to May 2024
Barnes (NYSE:B)
Historical Stock Chart
From May 2023 to May 2024