Barnes Group Inc. has a market cap of $997.5 million; its shares were traded at around $18.39 with a P/E ratio of 21.7 and P/S ratio of 1. The dividend yield of Barnes Group Inc. stocks is 1.7%. Barnes Group Inc. had an annual average earning growth of 5.9% over the past 10 years.B is in the portfolios of David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors.
This is the annual revenues and earnings per share of B over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of B.
Highlight of Business Operations:In the third quarter of 2010, sales grew 11.4% from the third quarter of 2009 to $289.9 million primarily as a result of organic sales growth within both business segments. Operating income increased 70.6% to $24.8 million primarily as a result of the profit impact of the higher sales volume, lower cost structures and the absence of prior year restructuring costs. Net income improved 38.7% to $15.1 million.
Sales for the nine-month period ended September 30, 2010 were $849.9 million, an increase of $72.2 million or 9.3% from the nine-month period ended September 30, 2009. The sales increase reflected $69.4 million of organic sales growth primarily at Precision Components. The weakening of the U.S. dollar against foreign currencies as compared to the same period in 2009, primarily in Canada and Brazil, increased net sales by approximately $2.8 million in the first nine months of 2010.
Net other income (expenses) decreased $2.0 million in the third quarter of 2010 compared to the same period of 2009 primarily as a result of a $1.5 million gain on the repurchase of certain convertible notes recorded in the third quarter of 2009. Interest expense decreased slightly in the third quarter of 2010.
For the nine-month period ended September 30, 2010, net other income (expenses) decreased $4.8 million compared to the first nine months of 2009 primarily as a result of a $3.8 million gain on the repurchase of convertible notes recorded in 2009. Interest expense decreased $2.0 million in the first nine months of 2010 primarily as a result of lower borrowings compared to the 2009 period.
Operating profit at Logistics and Manufacturing Services decreased 9.0% to $10.8 million in the third quarter of 2010 from the third quarter of 2009 and operating profit in the first nine months of 2010 decreased 24.5% to $29.3 million. During 2010, investments were made in the distribution businesses to expand the sales force and improve future productivity resulting in additional costs. Operating profit was also negatively impacted by higher product and freight costs which were partially offset through higher selling prices and lower cost structures resulting from previous actions. During the first nine months of 2010, operating profit was negatively impacted primarily by lower sales volumes in the higher margin aerospace aftermarket business.
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