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- Barnes Group Inc. (NYSE:B) reported second-quarter sales growth of 36.4% year-over-year to $321.16 million (up 31% on an organic basis), beating the consensus estimate of $302.12 million.
- Segment Revenue: Industrial $234.68 million (42.2% Y/Y) and Aerospace $86.49 million (+22.7% Y/Y).
- Adjusted EPS increased by 67% Y/Y to $0.45, beating consensus estimates of $0.43.
- Adjusted operating income increased by 41% Y/Y to $39.21 million, and margin expanded by 40 bps to 12.2%.
- Barnes generated a YTD operating cash flow of $85.7 million, compared to $123.2 million a year ago. Free cash flow of $68.2 million.
- The debt to EBITDA ratio was approximately 2.9 times at quarter-end, down from 3.1 times at the end of Q1.
- Aerospace OEM backlog was at $694 million, up 16% sequentially. With a strong book-to-bill of 1.3 times, the total Company backlog increase by 12% sequentially.
- At Q2, the Company had liquidity of $91 million in cash and approximately $451 million available under the revolving credit facility.
- Outlook: Barnes expects FY21 organic sales growth of 11% to 12% ( from the prior 10% to 12% expectation)
- It sees an operating margin of 13%; adjusted EPS of $1.83 to $1.98 (up 12% to 21% from last year) versus the $1.91 consensus. Cash conversion is expected to be greater than 110% of net income.
- Price action: B shares closed higher by 1.33% at $51.17 on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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