Barnes Group Reports 16% Sales Increase In Fourth Quarter
- Fourth quarter sales of $327 million, up 16%; full year sales up 5% to $1,230 million
- Fourth quarter diluted EPS from Continuing Operations of $0.54, up 26%
- Full year diluted EPS from Continuing Operations up 9% to $1.78; up 13% to $1.86 on an Adjusted Basis
- Ends 2012 with a record year-end backlog of $677 million
- 2013 EPS from Continuing Operations guidance of $2.03 to $2.18 per diluted share
Bristol, CT — Barnes Group Inc., an international aerospace and industrial manufacturer and service provider, reported financial results for the fourth quarter and full year 2012. Fourth quarter 2012 sales totaled $327.4 million, up 16% from $283.3 million in the fourth quarter of 2011, driven primarily by the sales contribution of the Synventive business. Income from continuing operations was $29.8 million or $0.54 per diluted share, up 26% from the fourth quarter of 2011.
This release comes on the heels of the announcement that MSC Industrial Direct has agreed to acquire the Barnes Distribution North America segment of the business.
For the full year, Barnes Group generated sales of $1,230 million, up 5% from last year. Income from continuing operations was $98.3 million, or $1.78 per diluted share, compared to $91.6 million, or $1.64 per diluted share in 2011. Income from continuing operations in 2012 included $5.9 million pre-tax, or $0.08 per diluted share, of short-term purchase accounting adjustments and acquisition transaction costs. Excluding these acquisition related items, adjusted diluted earnings per share from continuing operations was $1.86 for 2012. A table reconciling these non-GAAP adjusted results to our GAAP results is included at the end of this press release.
“We delivered record fourth quarter Net Income despite lingering challenges in some of our global markets,” said Gregory F. Milzcik, President and Chief Executive Officer of Barnes Group Inc. “We’ve continued to transform our business by executing on our strategy of differentiated product and processes resulting in margin expansion. Even as some of our end-markets continued to reflect top-line softness, we generated improvement in operating margins. In addition, we completed the largest acquisition in the Company’s history with Synventive and we end 2012 with a record year-end backlog of $677 million, up 16% from 2011.” Milzcik continued, “We’re optimistic about 2013, with an expectation of continued growth in sales and profitability and furthering the substantial progress made in 2012.”