Barnes Group Q1 GAAP EPS $0.04, adjusted EPS $0.38 (-19%); sales up 28% to $431M

BARNES GROUP INC

2024-Q1 EPS reported $0.04 revenue$430,638,000

Aerospace sales +89% to $221M (organic +19%), Industrial sales -4% to $209M.
Adjusted EBITDA margin 18.7%, up 130 bps; adjusted operating margin 11.9%, up 80 bps.
Completed sale of Associated Spring & Hanggi for ~$150M net proceeds to reduce debt.
Updated FY2024 guidance: organic sales growth 5-8%, adjusted EPS $1.62-$1.82.
Net debt/EBITDA 3.62x; refinanced Term Loan B, lowering interest rate by 60 bps.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BARNES GROUP INC reported the first quarter ended March 31, 2024 results: revenue $431 million, net income $1.9 million, or $0.04 per share, EPS $0.04. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $431 million
Net income: $1.9 million, or $0.04 per share
EPS: $0.04
Guidance: reaffirmed
Result: reported results

Exact text from the filing

RESULTS Long-term Profitable Growth Strategy Driving a More Aerospace Oriented Business Comparisons are year-over-year unless noted otherwise First Quarter 2024: • Sales of $431 million, up 28%; Organic Sales up 4% • Operating Margin of 9.2%; Adjusted Operating Margin of 11.9%, up 80 bps • Adjusted EBITDA Margin of 18.7%, up 130 bps • GAAP EPS of $0.04; Adjusted

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Source: SEC EDGAR

accession 0000009984-24-000058

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