Strategically Adds to Barnes Aerospace, Undertakes Additional
Industrial Restructuring
- Sales of $361 million, up 15% versus prior year period; Organic
Sales up 4%
- GAAP Operating Margin of 2.8%; Adjusted Operating Margin of
10.8%, down 160 bps from a year ago
- GAAP EPS of -$0.43; Adjusted EPS of $0.19 versus $0.49 in the
prior year period
- Forecasts 2023 Organic Sales Growth of +5% to +6%
- Forecasts 2023 Adjusted EPS of $1.57 to $1.67
Barnes Group Inc. (NYSE: B), a global provider of highly
engineered products, differentiated industrial technologies, and
innovative solutions, today reported financial results for the
third quarter 2023.
“As we work to transform the Barnes portfolio, a significant
amount of progress was made in the third quarter. We successfully
recapitalized the business and closed on the MB Aerospace
acquisition earlier than originally anticipated, accelerating the
integration of operations, and realization of forecasted synergies.
The combined entity has been well-received by our customers, and we
look forward to delivering solid, profitable growth,” said Thomas
J. Hook, President and Chief Executive Officer of Barnes. “Momentum
behind industrial restructuring continues with facility closures
tracking to plan and a new cost rationalization activity
implemented. That said, we remain unsatisfied with Industrial
results and are engaged in multiple activities to deliver improved
operational and financial performance. Executing our strategic
priorities, which begins with fundamental core business execution,
remains the primary focus across the Company,” added Hook.
Third Quarter 2023 Highlights
Third quarter 2023 net sales of $361 million were up 15%
compared to the prior year period, with organic sales (1)
increasing 4%. Foreign exchange had a positive impact of
approximately 3% while acquisition revenues contributed 8%.
Operating income was $10.0 million versus $30.0 million a year ago
and operating margin was 2.8%. Adjusted operating income was $39.0
million, essentially flat to a year ago, and adjusted operating
margin was 10.8%, down 160 bps. The adjustments to operating income
exclude restructuring & transformation related charges,
acquisition transaction costs, and short-term purchase accounting
adjustments in the current year quarter, and restructuring charges
in the prior year quarter.
Interest expense in the third quarter of 2023 was $22.8 million
versus $3.4 million a year ago. The increased interest expense is
due to higher average borrowings from the purchase of MB Aerospace
and a higher average interest rate given the recapitalization of
the Company’s debt structure to support the acquisition. In
addition, one-time bridge financing fees of $9.5 million in
anticipation of the MB Aerospace acquisition are included in
interest expense.
Other Income was $0.9 million versus other expense of $2.4
million last year, primarily driven by an increase in non-operating
pension income.
The Company’s effective tax rate in the third quarter of 2023
was -82.2% compared to 30.0% in the year ago period and 64.7% for
the full year 2022. The unusual tax rate in the third quarter 2023
is driven by effects from the non-deductibility of a portion our
interest expense, transaction costs associated with the MB
Aerospace acquisition that are capitalized for tax, and a change in
the geographic mix of forecasted earnings.
Net loss for the third quarter was $21.7 million, or -$0.43 per
share, compared to net income of $17.0 million, or $0.33 per share,
a year ago. On an adjusted basis, net income per share of $0.19 was
down 61% from $0.49 a year ago. Adjusted net income per share in
the third quarter of 2023 excludes $0.19 of restructuring and
transformation related charges, $0.31 of acquisition transaction
costs including bridge financing fees, and $0.12 of short-term
purchase accounting adjustments.
Year-to-date cash provided by operating activities was $71.0
million versus $43.5 million a year ago primarily due to lower paid
incentive compensation and a lower increase in working capital.
Free cash flow was $33.6 million compared to $21.8 million last
year. Capital expenditures were $37.4 million, an increase of $15.8
million.
A table reconciling non-GAAP to GAAP financial measures,
including forward looking outlook information, is presented at the
end of this press release.
Segment Performance
Aerospace
Third quarter sales were $156 million, up 41% from $111 million
last year. Organic sales increased by 17% in the quarter, while the
MB Aerospace acquisition increased sales by 24%. Aerospace original
equipment manufacturing (“OEM”) sales increased 50% in total, while
aftermarket sales increased 28%. On an organic basis, OEM sales
increased 24% and aftermarket sales increased 7%. Operating profit
was $3.6 million versus $21.2 million in the prior year period.
Adjusted operating profit of $23.4 million was up 12% from a year
ago. Adjusted operating margin was 15.0%, down 380 bps from a year
ago, due to long-term intangible amortization from the MB Aerospace
acquisition and lower productivity. The adjustments to operating
profit exclude restructuring and transformation related charges of
$3.9 million, acquisition transaction costs of $7.8 million, and
short-term purchase accounting adjustments of $8.0 million.
Adjusted operating profit benefited from the contribution of higher
organic sales volumes, inclusive of pricing, and the contribution
of MB Aerospace sales, partially offset by lower productivity.
Aerospace OEM backlog was $1.25 billion at the end of the third
quarter and the Company expects to convert approximately 50% of
this backlog to revenue over the next 12 months.
Industrial
Third quarter sales were $205 million, up slightly from $204
million in the prior year period. Organic sales decreased
approximately 3% while favorable foreign exchange increased sales
by approximately 4%. Operating profit was $6.4 million versus $8.8
million in the prior year period. Adjusted operating profit of
$15.6 million was down 14% from a year ago and adjusted operating
margin of 7.6% was down 130 bps. The current year adjustments to
operating profit exclude restructuring and transformation related
charges of $9.3 million. Adjusted operating profit was impacted by
lower organic sales volumes, unfavorable mix, and lower
productivity, partially offset by positive pricing.
Balance Sheet and Liquidity
With respect to Barnes’ balance sheet and liquidity profile, the
Company has liquidity of $90 million in cash and $337 million
available under the revolving credit. With respect to the balance
sheet, our “Net Debt to EBITDA” ratio, as defined in our credit
agreements, was approximately 3.8 times at quarter end, reflecting
the additional debt incurred in connection with the MB Aerospace
acquisition.
2023 Updated Full Year Outlook (Includes MB
Aerospace)
Barnes forecasts organic sales growth of 5% to 6% for 2023 with
adjusted operating margin of between 11% and 12%. Adjusted earnings
are expected to be in the range of $1.57 to $1.67 per share, a
decrease from our previous outlook primarily driven by impacts from
our MB Aerospace acquisition and a lower Industrial forecast. 2023
adjusted earnings per share are anticipated to exclude $0.70
related to the restructuring and transformation related activities,
$0.36 related to MB Aerospace acquisition transaction costs, and
$0.34 of short-term purchase accounting adjustments. Capital
expenditures are forecast to be approximately $50 million and free
cash flow to be approximately $70 million. The adjusted effective
tax rate for 2023 is expected to be between 31% and 32%.
Conference Call Information
Barnes will conduct a conference call with investors to discuss
the third quarter 2023 results at 8:30 a.m. ET today, October 27,
2023. The public may access the conference through a live audio
webcast available on the Investor Relations section of Barnes’
website at www.onebarnes.com.
The conference is also available by direct dial at (888)
510-2379 in the U.S. or (646) 960-0691 outside of the U.S.;
Conference ID 1137078. 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, October 27, 2023, until
11:59 p.m. (ET) on Friday, November 3, 2023, by dialing (647)
362-9199; Conference ID 1137078.
Note:
(1) Organic sales growth represents the total reported sales
increase within the Company’s ongoing business less the impact of
foreign currency translation and acquisition and divestitures
completed in the preceding twelve months.
About Barnes
Barnes Group Inc. (NYSE: B) leverages world-class manufacturing
capabilities and market-leading engineering to develop advanced
processes, automation solutions, and applied technologies for
industries ranging from aerospace and medical & personal care
to mobility and packaging. With a celebrated legacy of pioneering
excellence, Barnes delivers exceptional value to customers through
advanced manufacturing capabilities and cutting-edge industrial
technologies. Barnes Aerospace specializes in the production and
servicing of intricate fabricated and precision-machined components
for both commercial and military turbine engines, nacelles, and
airframes. Barnes Industrial excels in advancing the processing,
control, and sustainability of engineered plastics and delivering
innovative, custom-tailored solutions for industrial automation and
metal forming applications. Established in 1857 and headquartered
in Bristol, Connecticut, USA, the Company has manufacturing and
support operations around the globe. For more information, visit
please visit www.onebarnes.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and 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," "continue," "will," "should," "may,"
and similar terms. 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 risks and uncertainties include, among others:
the Company’s ability to manage economic, business and geopolitical
conditions, including rising interest rates, global price inflation
and shortages impacting the availability of materials; the duration
and severity of unforeseen events such as an epidemic or a
pandemic, including their impacts across our business on demand,
supply chains, operations and liquidity; 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 and avoid infringing upon
intellectual property rights; challenges associated with the
introduction or development of new products or transfer of work;
higher risks in global operations and markets; the impact of
intense competition; the physical and operational risks from
natural disasters, severe weather events, and climate change which
may limit accessibility to sufficient water resources, outbreaks of
contagious diseases and other adverse public health developments;
acts of war, terrorism and other international conflicts; the
failure to achieve anticipated cost savings and benefits associated
with workforce reductions and restructuring actions; currency
fluctuations and foreign currency exposure; impacts from goodwill
impairment and related charges; 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 due to a range of factors, including changes in
customer sourcing decisions, material changes, production schedules
and volumes of specific programs; the impact of government budget
and funding decisions; our ability to successfully integrate and
achieve anticipated synergies associated with recently announced
and future acquisitions, including the acquisition of MB Aerospace;
government-imposed sanctions, tariffs, trade agreements and trade
policies; changes or uncertainties in laws, regulations, rates,
policies or interpretations that impact the Company’s business
operations or tax status, including those that address climate
change, environmental, health and safety matters, and the materials
processed by our products or their end markets; fluctuations in the
pricing or availability of raw materials, freight, transportation,
energy, utilities and other items required by our operations; labor
shortages or other business interruptions at transportation
centers, shipping ports, our suppliers’ facilities or our
facilities; disruptions in information technology systems,
including as a result of cybersecurity attacks or data security
breaches; the ability to hire and retain senior management and
qualified personnel; the continuing impact of prior acquisitions
and divestitures, and any other future strategic actions, and our
ability to achieve the financial and operational targets set in
connection with any such actions; the ability to achieve social and
environmental performance goals; the outcome of pending and future
litigation and governmental proceedings; the impact of actual,
potential or alleged defects or failures of our products or
third-party products within which our products are integrated,
including product liabilities, product recall costs and uninsured
claims; future repurchases of common stock; future levels of
indebtedness; the impact of shareholder activism; 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 (LOSS) INCOME (Dollars in
thousands, except per share data) (Unaudited)
Three months ended September 30, Nine months ended
September 30,
2023
2022
%Change
2023
2022
%Change Net sales
$
360,988
$
314,744
14.7
$
1,035,329
$
948,395
9.2
Cost of sales
253,490
208,649
21.5
704,358
628,593
12.1
Selling and administrative expenses
97,508
76,059
28.2
271,688
218,646
24.3
Goodwill impairment charge
-
-
NM
-
68,194
NM
350,998
284,708
23.3
976,046
915,433
6.6
Operating income
9,990
30,036
(66.7
)
59,283
32,962
79.9
Operating margin
2.8
%
9.5
%
5.7
%
3.5
%
Interest expense
22,792
3,357
578.9
34,612
10,249
237.7
Other expense (income), net
(874
)
2,423
(136.1
)
(2,427
)
3,650
(166.5
)
(Loss) income before income taxes
(11,928
)
24,256
(149.2
)
27,098
19,063
42.1
Income taxes
9,802
7,277
34.7
18,318
21,152
(13.4
)
Net (loss) income
$
(21,730
)
$
16,979
(228.0
)
$
8,780
$
(2,089
)
NM
Common dividends
$
8,107
$
8,090
0.2
$
24,302
$
24,282
0.1
Per common share: Net (loss) income: Basic
$
(0.43
)
$
0.33
(230.3
)
$
0.17
$
(0.04
)
NM
Diluted
(0.43
)
0.33
(230.3
)
0.17
(0.04
)
NM
Dividends
0.16
0.16
-
0.48
0.48
-
Weighted average common shares outstanding: Basic
51,057,979
50,919,955
0.3
51,033,181
50,981,874
0.1
Diluted
51,057,979
51,059,906
(0.0
)
51,223,978
50,981,874
0.5
NM - Not meaningful
BARNES GROUP INC. OPERATIONS
BY REPORTABLE BUSINESS SEGMENT (Dollars in thousands)
(Unaudited) Three months ended September 30,
Nine months ended September 30,
2023
2022
% Change
2023
2022
% Change
Net sales Aerospace
$
156,090
$
110,787
40.9
$
395,362
$
320,650
23.3
Industrial
204,898
203,959
0.5
639,977
627,746
1.9
Intersegment sales
-
(2
)
(10
)
(1
)
Total net sales
$
360,988
$
314,744
14.7
$
1,035,329
$
948,395
9.2
Operating profit (loss) Aerospace
$
3,622
$
21,227
(82.9
)
$
38,953
$
58,162
(33.0
)
Industrial
6,368
8,809
(27.7
)
20,330
(25,200
)
NM
Total operating profit
$
9,990
$
30,036
(66.7
)
$
59,283
$
32,962
79.9
Operating margin
Change Change
Aerospace
2.3
%
19.2
%
(1,690
)
bps.
9.9
%
18.1
%
(820
)
bps. Industrial
3.1
%
4.3
%
(120
)
bps.
3.2
%
-4.0
%
720
bps. Total operating margin
2.8
%
9.5
%
(670
)
bps.
5.7
%
3.5
%
220
bps. NM - Not meaningful
BARNES GROUP INC.
CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
(Unaudited)
September 30, 2023
December 31, 2022
Assets Current assets Cash and cash equivalents
$
90,040
$
76,858
Accounts receivable
348,456
291,883
Inventories
370,669
283,402
Prepaid expenses and other current assets
94,248
80,161
Total current assets
903,413
732,304
Deferred income taxes
13,548
18,028
Property, plant and equipment, net
395,014
320,139
Goodwill
1,152,074
835,472
Other intangible assets, net
721,610
442,492
Other assets
91,675
65,295
Total assets
$
3,277,334
$
2,413,730
Liabilities and Stockholders' Equity Current
liabilities Notes and overdrafts payable
$
29
$
8
Accounts payable
156,060
145,060
Accrued liabilities
220,088
158,568
Long-term debt - current
4,412
1,437
Total current liabilities
380,589
305,073
Long-term debt
1,307,853
569,639
Accrued retirement benefits
43,427
54,352
Deferred income taxes
142,027
62,562
Long-term tax liability
21,714
39,086
Other liabilities
44,673
36,691
Total stockholders' equity
1,337,051
1,346,327
Total liabilities and stockholders' equity
$
3,277,334
$
2,413,730
BARNES GROUP INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (Dollars in thousands) (Unaudited)
Nine months ended September 30,
2023
2022
Operating activities: Net income (loss)
$
8,780
$
(2,089
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation and amortization
79,196
69,022
Amortization of debt discount
58
-
(Gain) loss on disposition of property, plant and equipment
(202
)
14
Stock compensation expense
8,121
9,547
Non-cash goodwill impairment charge
-
68,194
Changes in assets and liabilities: Accounts receivable
(5,273
)
(17,923
)
Inventories
(8,699
)
(40,428
)
Prepaid expenses and other current assets
5,367
(13,310
)
Accounts payable
(11,629
)
10,509
Accrued liabilities
22,437
(28,637
)
Deferred income taxes
(3,541
)
(4,350
)
Long-term retirement benefits
(13,096
)
(660
)
Long-term tax liability
(13,029
)
(6,948
)
Other
2,483
521
Net cash provided by operating activities
70,973
43,462
Investing activities: Proceeds from disposition of
property, plant and equipment
6,990
104
Capital expenditures
(37,405
)
(21,655
)
Business acquisitions, net of cash acquired
(718,782
)
-
Other
(921
)
(2,168
)
Net cash used by investing activities
(750,118
)
(23,719
)
Financing activities: Net change in other borrowings
(167
)
(941
)
Payments on long-term debt
(268,580
)
(80,777
)
Proceeds from the issuance of long-term debt
1,006,333
85,082
Payments of debt issuance costs
(11,341
)
-
Proceeds from the issuance of common stock
277
338
Common stock repurchases
-
(6,721
)
Dividends paid
(24,302
)
(24,282
)
Withholding taxes paid on stock issuances
(857
)
(818
)
Other
(8,971
)
(18,548
)
Net cash provided (used) financing activities
692,392
(46,667
)
Effect of exchange rate changes on cash flows
(2,190
)
(9,467
)
Increase (decrease) in cash, cash equivalents and restricted
cash
11,057
(36,391
)
Cash, cash equivalents and restricted cash at beginning of
period
81,128
111,909
Cash, cash equivalents and restricted cash at end of period
92,185
75,518
Less: Restricted cash, included in Prepaid expenses and
other current assets
(2,145
)
(1,976
)
Less: Restricted cash, included in Other assets
-
(1,957
)
Cash and cash equivalents at end of period
$
90,040
$
71,585
BARNES GROUP INC. RECONCILIATION OF NET CASH PROVIDED BY
OPERATING ACTIVITIES TO FREE CASH FLOW (Dollars in
thousands) (Unaudited) Nine months ended September
30,
2023
2022
Free cash flow: Net cash provided by operating activities
$
70,973
$
43,462
Capital expenditures
(37,405
)
(21,655
)
Free cash flow(1)
$
33,568
$
21,807
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.
BARNES GROUP
INC. NON-GAAP FINANCIAL MEASURE RECONCILIATION
(Dollars in thousands, except per share data)
(Unaudited) Three months ended September 30,
Nine months ended September 30,
2023
2022
%Change
2023
2022
%Change SEGMENT RESULTS
Operating Profit - Aerospace Segment (GAAP)
$
3,622
$
21,227
(82.9
)
$
38,953
$
58,162
(33.0
)
Restructuring/reduction in force and transformation related
charges
3,922
(431
)
6,263
(5
)
Acquisition transaction costs
7,817
-
11,376
-
MB Short-term purchase accounting adjustments
8,019
-
8,019
-
Operating Profit - Aerospace Segment as adjusted
(Non-GAAP) (1)
$
23,380
$
20,796
12.4
$
64,611
$
58,157
11.1
Operating Margin - Aerospace Segment (GAAP)
2.3
%
19.2
%
(1,690
)
bps.
9.9
%
18.1
%
(820
)
bps.
Operating Margin - Aerospace Segment as adjusted (Non-GAAP)
(1)
15.0
%
18.8
%
(380
)
bps.
16.3
%
18.1
%
(180
)
bps.
Operating Profit (Loss) - Industrial Segment
(GAAP)
$
6,368
$
8,809
(27.7
)
$
20,330
$
(25,200
)
NM
Restructuring/reduction in force and transformation related
charges
9,277
9,442
34,711
9,800
Goodwill impairment charge
-
-
-
68,194
Operating Profit - Industrial Segment as adjusted
(Non-GAAP) (1)
$
15,645
$
18,251
(14.3
)
$
55,041
$
52,794
4.3
Operating Margin - Industrial Segment (GAAP)
3.1
%
4.3
%
(120
)
bps.
3.2
%
-4.0
%
720
bps.
Operating Margin - Industrial Segment as adjusted
(Non-GAAP) (1)
7.6
%
8.9
%
(130
)
bps.
8.6
%
8.4
%
20
bps.
CONSOLIDATED
RESULTS Operating Income (Loss) (GAAP)
$
9,990
$
30,036
(66.7
)
$
59,283
$
32,962
79.9
Restructuring/reduction in force and transformation related
charges
13,199
9,011
40,974
9,795
Acquisition transaction costs
7,817
-
11,376
-
MB Short-term purchase accounting adjustments
8,019
-
8,019
-
Goodwill impairment charge
-
-
-
68,194
Operating Income as adjusted (Non-GAAP) (1)
$
39,025
$
39,047
(0.1
)
$
119,652
$
110,951
7.8
Operating Margin (GAAP)
2.8
%
9.5
%
(670
)
bps.
5.7
%
3.5
%
220
bps.
Operating Margin as adjusted (Non-GAAP) (1)
10.8
%
12.4
%
(160
)
bps.
11.6
%
11.7
%
(10
)
bps.
Diluted Net (Loss) Income per Share (GAAP)
$
(0.43
)
$
0.33
(230.3
)
$
0.17
$
(0.04
)
NM
Restructuring/reduction in force and transformation related
charges
0.19
0.16
0.58
0.17
Acquisition transaction costs
0.31
-
0.36
-
MB Short-term purchase accounting adjustments
0.12
-
0.12
-
Goodwill impairment charge
-
-
-
1.34
Diluted Net Income per Share as adjusted (Non-GAAP)
(1)
$
0.19
$
0.49
(61.2
)
$
1.23
$
1.47
(16.3
)
Full-Year 2022
Full-Year 2023 Outlook Operating Margin (GAAP)
4.5
%
5.3
%
to
6.3
%
Restructuring/reduction in force and transformation related
charges
1.6
%
3.3%
Acquisition transaction costs
-
0.8%
MB Short-term purchase accounting adjustments
-
1.5%
Goodwill impairment charge
5.4
%
-
Operating Margin as adjusted (Non-GAAP) (1)
11.6
%
11.0
%
to
12.0
%
Diluted Net Income per Share (GAAP)
$
0.26
$
0.17
to
$
0.27
Restructuring/reduction in force and transformation related
charges
0.33
0.70
Acquisition transaction costs
-
0.36
MB Short-term purchase accounting adjustments
-
0.34
Tax related CEO transition costs
0.06
-
Goodwill impairment charge
1.33
-
Diluted Net Income per Share as adjusted (Non-GAAP)
(1)
$
1.98
$
1.57
to
$
1.67
NM - Not meaningful
Notes: (1) The Company has excluded the
following from its "as adjusted" financial measurements for 2023:
1) charges related to restructuring/reduction in force actions at
certain businesses and business transformation costs (consulting
fees related to transformation initiatives), including $41.0M
reflected within operating profit ($13.2M in the third quarter) and
($1.1M) reflected within other expense (income), net ($0.0 in the
third quarter), 2) acquisition transaction costs related to the
acquisition of MB Aerospace, including $11.4M reflected within
operating profit ($7.8M in the third quarter) and $9.6M reflected
within interest expense, and 3) short-term purchase accounting
adjustments related to its MB Aerospace acquisitions, including
$8.0M all reflected within operating profit in the third quarter.
The Company has excluded the following from its "as adjusted"
financial measurements for 2022: 1) charges related to
restructuring actions at certain businesses, including $9.8M
reflected within operating profit ($9.0M in the third quarter) and
$1.4M reflected within other expense (income), net ($1.4M in the
third quarter) and 2) the goodwill impairment charge recorded in
the second quarter of 2022 related to the Automation reporting
unit. The tax effects of the restructuring related actions and
acquisition related actions were calculated based on the respective
tax jurisdictions and ranged from approximately 15% to
approximately 30%. The goodwill impairment charge did not have a
tax effect as it is not deductible for book purposes. The majority
of the transaction costs did not have a tax effect as costs were
capitalized for tax purposes. 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.
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231027294443/en/
Investors: Barnes Group Inc. William Pitts Vice
President, Investor Relations 860.583.7070
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