Barnes (US:B) ZACKSยท2024-10-28 18:01Core 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]