Core Insights - Barnes & Noble Education, Inc. (BNED) has reported significant growth in its First Day® affordable access programs, which positively impact course material affordability and student outcomes [1][2]. Group 1: Program Growth and Adoption - The First Day® Complete equitable access model was implemented at 183 campus stores in fall 2024, serving approximately 925,000 students, an increase from 800,000 in fall 2023 [2][4]. - Eight additional campus stores are set to adopt the First Day Complete model for the spring 2025 term, indicating continued institutional interest [2][4]. - First Day program revenues increased by 18% year-over-year to $235 million in the second quarter of fiscal year 2025 [2]. Group 2: Student Impact and Feedback - Proprietary research indicates that 91% of students found it convenient to have their course materials bundled, and 84% felt better prepared for the academic term [7][8]. - 81% of students reported that the First Day Complete program positively impacted their success during the term, with 72% stating it helped them achieve better grades [8][9]. - A high percentage of students (87%) would recommend the program, and 89% expressed a willingness to participate again, citing affordability and convenience as key benefits [9][10]. Group 3: Institutional Feedback - Feedback from institutions highlights that the First Day Complete program enhances the student experience by simplifying the acquisition of course materials and providing a predictable, lower-cost option [10]. - The program is well-received across various types of institutions, including community colleges and four-year universities, demonstrating its broad applicability [5][6].

BASKING RIDGE, N.J., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Barnes & Noble College (BNC), a Barnes & Noble Education, Inc. (NYSE: BNED) company and leading solutions provider for higher education, today announced it will partner with North Carolina Agricultural and Technical State University (N.C. A&T) to manage the N.C. A&T Bookstore, transitioning store operations in November. Recognizing Barnes & Noble College’s outstanding product assortment, customer experience and support, N.C. A&T has chosen to end its re ...

BASKING RIDGE, N.J., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Barnes & Noble College (BNC), a Barnes & Noble Education, Inc. (NYSE: BNED) company, today announced it has entered into a partnership agreement with Syracuse University to manage all course materials, retail and e-commerce operations for the University’s Campus Store. Prior to the new partnership, the Campus Store and in-venue athletics retail were self-operated by the University. Barnes & Noble College will begin transitioning store operations in Nove ...

Core Insights - Barnes & Noble Education, Inc. (BNED) reported a significant increase in revenues for its First Day® Program, with an 18% year-over-year growth to $235 million [1] - The company anticipates a net income increase from continuing operations in the mid-70% to mid-90% range year-over-year for the second quarter [2][3] Financial Performance - The second quarter is crucial for BNED, coinciding with the Fall back-to-school period, and preliminary results indicate revenue is expected to be approximately flat year-over-year despite operating 109 fewer stores [2] - Net income for the quarter is projected to be in the mid to high $40 million range, reflecting a substantial increase compared to $24.854 million in the same quarter last year [4] - Adjusted EBITDA is expected to rise to the mid to high $60 million range, up from $51.080 million year-over-year [4] Strategic Initiatives - The CEO highlighted the positive preliminary results during the important Fall back-to-school period and the progress made in executing key strategic initiatives, including growth in affordable access programs and improved cost management [3] - The company plans to release final, unaudited financial results for the second quarter in early December 2024, providing more detailed financial tables and reconciliations of non-GAAP measures [3]

Have you evaluated the performance of Barnes Group's (B) international operations during the quarter that concluded in September 2024? Considering the extensive worldwide presence of this aerospace and industrial parts supplier, analyzing the patterns in international revenues is crucial for understanding its financial resilience and potential for growth. In the current global economy, which is more interconnected than ever, a company's success in penetrating international markets is crucial for its financi ...

VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce the appointment of Greg Barnes and Basie Maree to its Board of Directors (the “Board”), effective November 1, 2024. Following the appointments, the B2Gold Board will consist of ten members, nine of which are independent. Kelvin Dushnisky, Chair of the Board of B2Gold, commented, “On behalf of the Board and executive team, I am pleased to welc ...

Part I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a Q3 2024 net loss, an improvement, but a nine-month net loss of $47.0 million, impacted by goodwill impairment Condensed Consolidated Statements of (Loss) Income Highlights | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $387,794 | $360,988 | $1,200,664 | $1,035,329 | | **Operating income** | $41,821 | $9,990 | $79,390 | $59,283 | | **Net (loss) income** | $(2,144) | $(21,730) | $(47,017) | $8,780 | | **Diluted (loss) income per share** | $(0.04) | $(0.43) | $(0.92) | $0.17 | Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $80,675 | $89,827 | | Total current assets | $866,731 | $906,720 | | Goodwill | $1,081,960 | $1,183,624 | | Total assets | $3,075,032 | $3,308,014 | | Long-term debt | $1,135,162 | $1,279,962 | | Total liabilities | $1,770,546 | $1,945,751 | | Total stockholders' equity | $1,304,486 | $1,362,263 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $49,750 | $70,973 | | Net cash provided (used) by investing activities | $119,429 | $(750,118) | | Net cash (used) provided by financing activities | $(177,954) | $692,392 | | (Decrease) increase in cash | $(11,365) | $11,057 | [Note 3. Acquisition](index=9&type=section&id=Note%203.%20Acquisition) On August 31, 2023, the company acquired MB Aerospace for $728.4 million, recognizing $328.4 million in goodwill and $320.0 million in other intangible assets - Completed the acquisition of **MB Aerospace** on August 31, 2023, for a total purchase price of **$728.4 million**, enhancing capabilities in the aero-engine value chain[16](index=16&type=chunk)[17](index=17&type=chunk) - The acquisition added **$328.4 million in goodwill**, allocated to the Aerospace segment, and **$320.0 million in intangible assets**, primarily customer relationships, backlog, and developed technology[23](index=23&type=chunk)[25](index=25&type=chunk) [Note 4. Divestiture](index=11&type=section&id=Note%204.%20Divestiture) The company sold its Associated Spring™ and Hänggi™ businesses for $173.4 million, generating $160.9 million net cash used for debt reduction - On April 4, 2024, the company sold its **Associated Spring™ and Hänggi™ businesses** for **$175 million**, subject to adjustments[28](index=28&type=chunk)[34](index=34&type=chunk) - The divestiture yielded net cash proceeds of **$160.9 million**, used for debt reduction, and resulted in a pre-tax operating gain of **$5.4 million** (**$3.9 million** net gain)[34](index=34&type=chunk) [Note 5. Revenue](index=12&type=section&id=Note%205.%20Revenue) Q3 2024 total revenue was $387.8 million, with Aerospace contributing $231.9 million, and nine-month total revenue reached $1.2 billion Revenue by Segment (in thousands) | Segment | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Aerospace | $231,934 | $156,090 | $671,262 | $395,362 | | Industrial | $155,860 | $204,898 | $529,402 | $639,967 | | **Total** | **$387,794** | **$360,988** | **$1,200,664** | **$1,035,329** | - As of September 30, 2024, remaining performance obligations for contracts over one year totaled **$632.4 million**, with approximately **70%** expected to be recognized in the next 12 months[55](index=55&type=chunk)[56](index=56&type=chunk) [Note 9. Goodwill and Other Intangible Assets](index=17&type=section&id=Note%209.%20Goodwill%20and%20Other%20Intangible%20Assets) A $53.7 million goodwill impairment charge was recorded for the Automation unit, and goodwill decreased to $1.08 billion due to divestiture - A non-cash goodwill impairment charge of **$53.7 million** was recorded for the Automation reporting unit during the second quarter of 2024[67](index=67&type=chunk) - The impairment was due to lower projections, reflecting reduced growth trends in the automation market and broader industrial manufacturing uncertainty[67](index=67&type=chunk) - Goodwill was also reduced by **$58.9 million** due to the divestiture of the Associated Spring™ and Hänggi™ businesses[65](index=65&type=chunk)[66](index=66&type=chunk) [Note 18. Business Reorganizations](index=29&type=section&id=Note%2018.%20Business%20Reorganizations) The company authorized new Q3 2024 restructuring actions for the Industrial segment, incurring $2.4 million in employee termination costs - In Q3 2024, the company authorized new restructuring actions for the Industrial segment, recording **$2.4 million** in pre-tax charges for employee termination costs[136](index=136&type=chunk) - In Q2 2024, restructuring actions resulted in pre-tax charges of **$3.2 million** for organizational changes within both the Aerospace and Industrial segments[133](index=133&type=chunk) [Note 19. Subsequent Events](index=32&type=section&id=Note%2019.%20Subsequent%20Events) The company entered a definitive merger agreement to be acquired by Apollo affiliates for $47.50 per share, with closing expected by Q1 2025 - On October 6, 2024, the company entered into an agreement to be acquired by affiliates of Apollo Global Management for **$47.50 per share** in cash[138](index=138&type=chunk)[139](index=139&type=chunk) - The merger is expected to close by the end of Q1 2025, pending customary closing conditions including shareholder and regulatory approvals[140](index=140&type=chunk) - In October 2024, new restructuring actions were authorized for both Aerospace and Industrial segments, with expected pre-tax charges of approximately **$7.0 million** and **$13.0 million**, respectively, to optimize the manufacturing footprint[141](index=141&type=chunk)[142](index=142&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q3 2024 net sales grew 7.4% to $387.8 million, driven by Aerospace, while the Industrial segment declined due to divestitures, with operating margin improving significantly [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q3 2024 net sales increased 7.4% to $387.8 million, with gross profit margin improving to 33.1% and operating income surging to $41.8 million Net Sales by Segment (in millions) | Segment | Q3 2024 | Q3 2023 | % Change | YTD 2024 | YTD 2023 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Aerospace | $231.9 | $156.1 | 48.6% | $671.3 | $395.4 | 69.8% | | Industrial | $155.9 | $204.9 | (23.9)% | $529.4 | $640.0 | (17.3)% | | **Total** | **$387.8** | **$361.0** | **7.4%** | **$1,200.7** | **$1,035.3** | **16.0%** | - Q3 2024 operating margin increased to **10.8%** from **2.8%** in Q3 2023, primarily due to the absence of **$7.8 million** in acquisition transaction costs and lower restructuring charges[144](index=144&type=chunk)[152](index=152&type=chunk) - For the nine months ended Sep 30, 2024, operating income was impacted by a **$53.7 million** goodwill impairment charge in the Automation reporting unit and a **$5.4 million** pre-tax gain from the sale of businesses[153](index=153&type=chunk) [Financial Performance by Business Segment](index=38&type=section&id=Financial%20Performance%20by%20Business%20Segment) Aerospace Q3 sales surged 48.6% to $231.9 million, while Industrial sales fell 23.9% due to divestitures, though its operating profit slightly increased - Aerospace Q3 sales increased **48.6%** YoY, with organic sales up **9.0%**, and the MB Aerospace acquisition contributed **$61.1 million** in incremental sales[161](index=161&type=chunk)[205](index=205&type=chunk) - Industrial Q3 sales decreased **23.9%** YoY, primarily due to a **$51.8 million** reduction from the sale of the Associated Spring™ and Hänggi™ businesses, with organic sales growing **0.6%**[169](index=169&type=chunk)[205](index=205&type=chunk) - The Industrial segment's nine-month operating result was a loss of **$16.4 million**, compared to a profit of **$20.3 million** in the prior year, mainly due to the **$53.7 million** goodwill impairment charge[170](index=170&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $80.7 million in cash and had $434.2 million available under its credit facility, with operating cash flow at $49.8 million - The company had **$80.7 million** in cash and cash equivalents and **$434.2 million** available for borrowing under its Revolving Credit Facility as of September 30, 2024[189](index=189&type=chunk)[193](index=193&type=chunk) - Net cash provided by operating activities decreased to **$49.8 million** in the first nine months of 2024 from **$71.0 million** in the prior year period[194](index=194&type=chunk) - The company received **$160.9 million** in net proceeds from the sale of its Associated Spring™ and Hänggi™ businesses, which was used to repay debt[187](index=187&type=chunk)[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the company's market risk exposure during the first nine months of 2024 - There have been no material changes to the company's market risk exposure during the first nine months of 2024[210](index=210&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal controls - The company's disclosure controls and procedures were deemed effective as of the end of the reporting period[211](index=211&type=chunk) - No material changes to internal control over financial reporting occurred during the third quarter of 2024[212](index=212&type=chunk) Part II. OTHER INFORMATION [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company expects pending litigation in the ordinary course of business will not materially affect its financial position or results - The company does not expect pending litigation to have a material adverse effect on its financial condition or results[213](index=213&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) New material risks relate to the proposed merger with Apollo, including business disruption, management distraction, and the possibility of non-completion - New risk factors have been introduced related to the proposed merger with affiliates of Apollo Global Management, entered into on October 6, 2024[216](index=216&type=chunk)[217](index=217&type=chunk) - Key risks include business disruption, diversion of management attention, challenges in retaining key personnel and maintaining customer/supplier relationships during the pendency of the merger[217](index=217&type=chunk) - There is a risk that the merger may not be completed if closing conditions, such as shareholder or regulatory approvals, are not met, which could negatively affect the company's stock price and operations[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company acquired 32,192 shares of its equity securities in Q3 2024, not under a repurchase program, but for equity compensation tax withholding - The company did not repurchase any shares under its publicly announced repurchase program during Q3 2024. The **32,192 shares** acquired were related to employee equity compensation plans for tax withholding purposes[225](index=225&type=chunk)

Core Insights - Barnes Group Inc. reported adjusted earnings of 9 cents per share for Q3 2024, missing the Zacks Consensus Estimate of 39 cents, representing a 52% decrease year over year [1] Financial Performance - Total sales reached $388 million, exceeding the Zacks Consensus Estimate of $373 million, with a 7% year-over-year increase and organic sales growth of 4% [2] - Industrial segment sales were $156 million, down 24% year over year, with organic sales up 1% [2] - Aerospace segment sales totaled $232 million, up 49% year over year, with organic sales increasing by 9% and acquisitions contributing 39% [3] Margin Profile - Cost of sales increased by 2.3% year over year to $259.4 million, while selling and administrative expenses decreased by 12.9% to $84.9 million [4] - Adjusted operating income rose to $47.9 million, a 23% increase year over year, with the margin improving by 150 basis points to 12.3% [4] Balance Sheet & Cash Flow - As of the end of Q3, cash and cash equivalents were $80.7 million, down from $89.8 million at the end of 2023, while long-term debt decreased to $1.14 billion from $1.28 billion [5] - In the first nine months of 2024, net cash generated from operating activities was $49.8 million, down from $71 million in the previous year, with capital expenditures totaling $41.8 million, an 11.8% increase year over year [6] - Free cash flow (adjusted) was $20.4 million compared to $33.6 million in the year-ago period, and dividends paid to shareholders were $24.4 million, nearly flat year over year [6] 2024 Outlook - Barnes Group has suspended its previously issued financial guidance for the full year 2024 due to a pending acquisition by Apollo Funds [7]

Core Insights - Barnes Group reported revenue of $387.79 million for Q3 2024, a year-over-year increase of 7.4% [1] - The EPS for the quarter was $0.09, down from $0.19 a year ago, indicating a significant decline [1] - Revenue exceeded the Zacks Consensus Estimate of $372.66 million by 4.06%, while EPS fell short of the consensus estimate of $0.39 by 76.92% [1] Financial Performance Metrics - Net Sales in the Industrial segment were $155.86 million, below the estimated $157.87 million, reflecting a year-over-year decrease of 23.9% [2] - Net Sales in the Aerospace segment reached $231.93 million, surpassing the average estimate of $214.86 million, marking a year-over-year increase of 48.6% [2] - Non-GAAP Operating Profit for the Industrial segment was $11.55 million, lower than the estimated $16.47 million [2] - Non-GAAP Operating Profit for the Aerospace segment was $36.32 million, slightly above the average estimate of $34.97 million [2] Stock Performance - Shares of Barnes Group have increased by 18.2% over the past month, outperforming the Zacks S&P 500 composite, which rose by 1.4% [2] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [2]

Barnes Group (B) came out with quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -76.92%. A quarter ago, it was expected that this aerospace and industrial parts supplier would post earnings of $0.39 per share when it actually produced earnings of $0.37, delivering a surprise of -5.13%.Over the last ...