Key Developments: Barnes Group Inc (B)
30.58USD
17 May 2013
$0.50 (+1.66%)
$30.08
$30.28
$30.79
$30.22
446,552
305,590
$30.79
$19.71
Latest Key Developments (Source: Significant Developments)
Barnes Group Inc Declares Quarterly Dividend
Barnes Group Inc announced a quarterly cash dividend of $0.10 per share. The dividend will be payable June 10, 2013 to shareholders of record at the close of business on May 29, 2013. Full Article
Barnes Group Inc Raises FY 2013 Revenue Guidance; Lowers FY 2013 EPS Guidance
Barnes Group Inc updated fiscal 2013 guidance and expects revenue from continuing operations to grow 17% to 20% from fiscal 2012, GAAP Earnings per diluted share from continuing operations to be in the range of $1.71-$1.86. This guidance includes the impacts from the sale of Barnes Distribution North America which closed on April 22, 2013, and the Company's previously announced CEO transition. Excluding $10.5 million pre-tax, or $0.12 per share, in non-recurring costs associated with the Company's CEO transition, adjusted operating margins are expected to be approximately 14%, adjusted earnings per diluted share are anticipated to be in the range of $1.83 to $1.98. The Company reported revenue of $1.230 billion in fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $1.099 billion and EPS of $1.91 for fiscal 2013. Full Article
MSC Industrial Direct Co Inc Announces Completion Of Acquisition Of Barnes Group Inc's North American Distribution Business
MSC Industrial Direct Co Inc announced that it has completed the acquisition of the North American distribution business (BDNA or the Business) of Barnes Group Inc. for $550 million. MSC financed the purchase of BDNA utilizing both existing cash and a new credit facility, which was closed simultaneously with the acquisition. The new credit facility includes a fully drawn $250 million term loan and a $400 million revolver, of which $120 million was drawn at closing to fund the acquisition. As previously announced, run-rate cost synergies are expected to reach $15-$20 million by fiscal 2015. The acquisition is expected to be accretive to cash flow and earnings per diluted share (EPS), including synergies and excluding transaction and integration costs, by contributing an expected incremental EPS of $0.15-$0.20 and $0.30-$0.40 in fiscal years 2014 and 2015, respectively. Full Article
Barnes Group Inc Issues FY 2013 Guidance; Revenue Guidance Above Analysts' Estimates
Barnes Group Inc announced that excluding impacts from this morning's announced pending sale of BDNA and CEO transition, for fiscal 2013, it expects revenue to grow 14% to 18% from fiscal 2012 and earnings per diluted share (EPS) to be in the range of $2.03 to $2.18. The Company reported revenue of $1.230 billion in fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $1.399 billion and EPS of $2.15 for fiscal 2013. Full Article
Barnes Group Inc Appoints President And Chief Executive Officer
Barnes Group Inc announced that Board of Directors has appointed Chief Operating Officer Patrick J. Dempsey, to President and Chief Executive Officer (CEO) of the Company, effective March 1, 2013. Gregory F. Milzcik is retiring after serving as President and CEO and Director of Barnes Group Inc. since 2006, but will remain with the Company through May 3, 2013, as Executive Vice Chairman of Barnes Group Inc. to help effect a smooth transition of leadership. Full Article
Barnes Group Inc Announces Agreement To Sell Barnes Distribution North America Business To MSC Industrial Direct Co., Inc.
Barnes Group Inc announced that it has entered into a definitive agreement to sell Barnes Distribution North America business (BDNA) to MSC Industrial Direct Co., Inc. for $550 million. The transaction is expected to close in late March, or early in the second quarter of 2013. After-tax proceeds from the transaction are anticipated to be approximately $400 million. Barnes Group expects to utilize a portion of the proceeds to reduce debt, buyback common shares, invest in profitable growth initiatives including acquisitions, and general corporate purposes. The BDNA business results currently comprise the majority of the Company's Distribution segment. The remaining business within the Distribution segment, Associated Spring Raymond, will be realigned into the Company's Industrial Segment. Accordingly, the Company's financial results, beginning with the first quarter of 2013, will be reported in two segments Aerospace and Industrial. Baird served as the exclusive financial advisor to Barnes Group Inc. on the sale of Barnes Distribution North America. Full Article
Barnes Group Inc Declares Quarterly Dividend
Barnes Group Inc announced that it has declared a quarterly cash dividend of $0.10 per share. The dividend will be payable March 11, 2013 to shareholders of record at the close of business on February 28, 2013. Full Article
Barnes Group Inc Raises FY 2012 Guidance
Barnes Group Inc announced that for fiscal 2012, it expects revenue growth of 4%-6% and earnings from continuing operations per diluted share (EPS) are expected to be in the range of $1.73 to $1.78 and on adjusted basis, earnings from continuing operations per diluted share are expected to be $1.80 to $1.85. The Company reported revenue of $1.169 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.79 for fiscal 2012. Full Article
Barnes Group Inc Completes Acquisition of Synventive Molding Solutions
Barnes Group Inc announced that it has completed its acquisition of privately held Synventive Molding Solutions. Synventive is a hot runner systems manufacturers. Synventive will operate as a strategic business unit within the Barnes Group’s Industrial Segment. Full Article
Barnes Group Inc. Lowers FY 2012 Revenue Guidance; Lowers High End Of Prior FY 2012 EPS Guidance To A Range In Line With Analysts' Estimates
Barnes Group Inc. updated fiscal 2012 guidance, which excludes the impact of the announced Synventive acquisition. The Company expects lower revenue growth of 3%-5% due to the impact of foreign exchange and lower aerospace spare parts sales in the first half of 2012 and earnings from continuing operations per diluted share (EPS) are expected to be in the range of $1.78-$1.88 for fiscal 2012. The Company reported revenue of $1.169 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.84 for fiscal 2012. Full Article
MSC Industrial to enter Canada with $550 million Barnes unit buy
- Industrial products distributor MSC Industrial Direct Co Inc said it would buy the North American distribution business of Barnes Group Inc for $550 million to gain access to the metalworking and maintenance, repair and operations (MRO) market in Canada.
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