BARNES GROUP INC

CIK:0000009984|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 387,794	$ 360,988	$ 1,200,664	$ 1,035,329
Cost of sales	259,402	253,490	817,686	704,358
Selling and administrative expenses	84,920	97,508	255,314	271,688
Costs (gain) related to the sale of businesses	1,651	0	(5,420)	0
Goodwill impairment charge	0	0	53,694	0
Total operating costs and expenses	345,973	350,998	1,121,274	976,046
Operating income	41,821	9,990	79,390	59,283
Interest expense	19,573	22,792	65,216	34,612
Other expense (income), net	517	(874)	1,367	(2,427)
Income (loss) before income taxes	21,731	(11,928)	12,807	27,098
Income taxes	23,875	9,802	59,824	18,318
Net (loss) income	$ (2,144)	$ (21,730)	$ (47,017)	$ 8,780
Per common share:
Basic (in dollars per share)	$ (0.04)	$ (0.43)	$ (0.92)	$ 0.17
Diluted (in dollars per share)	$ (0.04)	$ (0.43)	$ (0.92)	$ 0.17
Weighted average common shares outstanding:
Basic (in shares)	51,302,818	51,057,979	51,276,280	51,033,181
Diluted (in shares)	51,302,818	51,057,979	51,276,280	51,223,978

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net (loss) income	$ (47,017)	$ 8,780
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	89,837	79,196
Gain on disposition of property, plant and equipment	(9)	(202)
Stock compensation expense	10,530	8,121
Non-cash goodwill impairment charge	53,694	0
Costs (gain) related to the sale of businesses	(3,894)	0
Changes in assets and liabilities, net of the effects of acquisition and divestiture:
Accounts receivable	(4,587)	(5,273)
Inventories	(21,481)	(8,699)
Prepaid expenses and other current assets	(11,629)	5,367
Accounts payable	(4,641)	(11,629)
Accrued liabilities	5,510	22,437
Deferred income taxes	683	(3,541)
Long-term retirement benefits	(12,364)	(13,096)
Long-term tax liability	(9,972)	(13,029)
Other	5,090	2,541
Net cash provided by operating activities	49,750	70,973
Investing activities:
Proceeds from disposition of property, plant and equipment	223	6,990
Proceeds from the sale of businesses, net of cash sold	160,869	0
Capital expenditures	(41,822)	(37,405)
Business acquisitions, net of cash acquired	159	(718,782)
Other	0	(921)
Net cash provided (used) by investing activities	119,429	(750,118)
Financing activities:
Net change in other borrowings	242	(167)
Payments on long-term debt	(321,318)	(268,580)
Proceeds from the issuance of long-term debt	170,000	1,006,333
Payments of debt issuance costs	0	(11,341)
Proceeds from the issuance of common stock	176	277
Dividends paid	(24,361)	(24,302)
Withholding taxes paid on stock issuances	(1,391)	(857)
Cash settlement of foreign currency hedges related to intercompany financing	1,070	6,346
Other	(232)	(2,625)
Net cash (used) provided by financing activities	(177,954)	692,392
Effect of exchange rate changes on cash flows	(2,590)	(2,190)
(Decrease) increase in cash, cash equivalents and restricted cash	(11,365)	11,057
Cash, cash equivalents and restricted cash at beginning of period	92,040	81,128
Cash, cash equivalents and restricted cash at end of period	80,675	92,185
Less: Restricted cash, included in Prepaid expenses and other current assets	0	(2,145)
Cash and cash equivalents at end of period	$ 80,675	$ 90,040

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 80,675	$ 89,827
Accounts receivable, less allowances (2024 - $6,732; 2023 - $7,258)	327,063	353,923
Inventories	353,230	365,221
Prepaid expenses and other current assets	105,763	97,749
Total current assets	866,731	906,720
Deferred income taxes	8,289	10,295
Property, plant and equipment	858,051	1,031,495
Less accumulated depreciation	(506,316)	(628,798)
Property, plant and equipment, net	351,735	402,697
Goodwill	1,081,960	1,183,624
Other intangible assets, net	655,927	706,471
Other assets	110,390	98,207
Total assets	3,075,032	3,308,014
Current liabilities
Notes and overdrafts payable	506	16
Accounts payable	142,571	164,264
Accrued liabilities	226,637	221,462
Long-term debt - current	9,765	10,868
Total current liabilities	379,479	396,610
Long-term debt	1,135,162	1,279,962
Accrued retirement benefits	36,540	45,992
Deferred income taxes	117,010	120,608
Long-term tax liability	7,400	21,714
Other liabilities	94,955	80,865
Commitments and contingencies (Note 17)
Stockholders' equity
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2024 - 64,788,605 shares; 2023 - 64,600,635 shares)	648	646
Additional paid-in capital	548,462	537,948
Treasury stock, at cost (2024 - 13,950,200 shares; 2023 - 13,914,076 shares)	(533,806)	(532,415)
Retained earnings	1,479,586	1,551,213
Accumulated other non-owner changes to equity	(190,404)	(195,129)
Total stockholders' equity	1,304,486	1,362,263
Total liabilities and stockholders' equity	$ 3,075,032	$ 3,308,014