2024 Q3 Form 10-Q Financial Statement

#000000998424000102 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $387.8M $382.2M
YoY Change 7.43% 12.76%
Cost Of Revenue $259.4M $258.2M
YoY Change 2.33% 14.94%
Gross Profit $128.4M $124.0M
YoY Change 19.44% 8.47%
Gross Profit Margin 33.11% 32.45%
Selling, General & Admin $84.92M $82.67M
YoY Change -12.91% 4.87%
% of Gross Profit 66.14% 66.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.27M $28.55M
YoY Change -6.27% 24.88%
% of Gross Profit 23.58% 23.02%
Operating Expenses $84.92M $82.67M
YoY Change -12.91% 4.87%
Operating Profit $43.47M $41.38M
YoY Change 335.16% 16.46%
Interest Expense -$19.57M -$20.81M
YoY Change -185.88% 88.17%
% of Operating Profit -45.02% -50.3%
Other Income/Expense, Net -$517.0K $845.0K
YoY Change -159.15% -88.65%
Pretax Income $21.73M -$22.08M
YoY Change -282.18% -198.61%
Income Tax $23.88M $24.74M
% Of Pretax Income 109.87%
Net Earnings -$2.144M -$46.82M
YoY Change -90.13% -369.83%
Net Earnings / Revenue -0.55% -12.25%
Basic Earnings Per Share -$0.04 -$0.91
Diluted Earnings Per Share -$0.04 -$0.91
COMMON SHARES
Basic Shares Outstanding 50.77M shares 50.70M shares
Diluted Shares Outstanding 51.30M shares 51.30M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.68M $65.91M
YoY Change -10.36% -11.74%
Cash & Equivalents $80.68M $65.91M
Short-Term Investments
Other Short-Term Assets $105.8M $104.7M
YoY Change 166.41% 195.71%
Inventory $353.2M $350.3M
Prepaid Expenses
Receivables $327.1M $345.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $866.7M $866.4M
YoY Change -4.06% 12.97%
LONG-TERM ASSETS
Property, Plant & Equipment $351.7M $351.9M
YoY Change -10.96% 9.8%
Goodwill $1.082B $1.047B
YoY Change -6.09% 24.3%
Intangibles $655.9M $662.7M
YoY Change -9.1% 56.69%
Long-Term Investments
YoY Change
Other Assets $118.7M $109.3M
YoY Change 29.46% 23.94%
Total Long-Term Assets $2.208B $2.171B
YoY Change -6.98% 29.69%
TOTAL ASSETS
Total Short-Term Assets $866.7M $866.4M
Total Long-Term Assets $2.208B $2.171B
Total Assets $3.075B $3.037B
YoY Change -6.17% 24.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.6M $152.3M
YoY Change -8.64% 5.64%
Accrued Expenses $226.6M $217.8M
YoY Change 2.98% 56.15%
Deferred Revenue
YoY Change
Short-Term Debt $506.0K $6.547M
YoY Change 1644.83% -18.27%
Long-Term Debt Due $9.765M $10.52M
YoY Change 121.33% 607.33%
Total Short-Term Liabilities $379.5M $387.1M
YoY Change -0.29% 15.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.135B $1.149B
YoY Change -13.2% 103.46%
Other Long-Term Liabilities $138.9M $108.1M
YoY Change 210.91% 5.4%
Total Long-Term Liabilities $1.274B $1.258B
YoY Change -5.8% 88.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $379.5M $387.1M
Total Long-Term Liabilities $1.274B $1.258B
Total Liabilities $1.771B $1.761B
YoY Change 2.16% 65.52%
SHAREHOLDERS EQUITY
Retained Earnings $1.480B $1.490B
YoY Change -4.68% -5.82%
Common Stock $549.1M $545.1M
YoY Change 2.37% 2.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $533.8M $532.6M
YoY Change 0.27% 0.13%
Treasury Stock Shares
Shareholders Equity $1.304B $1.276B
YoY Change
Total Liabilities & Shareholders Equity $3.075B $3.037B
YoY Change -6.17% 24.44%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.144M -$46.82M
YoY Change -90.13% -369.83%
Depreciation, Depletion And Amortization $30.27M $28.55M
YoY Change -6.27% 24.88%
Cash From Operating Activities $46.70M $5.365M
YoY Change 63.86% -47.67%
INVESTING ACTIVITIES
Capital Expenditures $11.97M $17.02M
YoY Change -24.25% 59.46%
Acquisitions
YoY Change
Other Investing Activities $14.71M $146.4M
YoY Change -102.07% -61597.9%
Cash From Investing Activities $2.739M $129.3M
YoY Change -100.38% -1285.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.87M -151.7M
YoY Change -104.87% 10337.99%
NET CHANGE
Cash From Operating Activities 46.70M 5.365M
Cash From Investing Activities 2.739M 129.3M
Cash From Financing Activities -34.87M -151.7M
Net Change In Cash 14.57M -16.95M
YoY Change -14.79% 703.32%
FREE CASH FLOW
Cash From Operating Activities $46.70M $5.365M
Capital Expenditures $11.97M $17.02M
Free Cash Flow $34.73M -$11.65M
YoY Change 173.48% 2680.67%

Facts In Submission

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Summary of Significant Accounting Policies </span><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div>The accompanying Condensed Consolidated Balance Sheet and the related Condensed Consolidated Statements of (Loss) Income, Comprehensive (Loss) Income and Cash Flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The Condensed Consolidated Financial Statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2023 has been derived from the 2023 financial statements of Barnes Group Inc. (the "Company"). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the three and six month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
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NumberOfReportableSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
382232000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
338984000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
812870000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
674341000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2113000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26009000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
37569000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
49293000 usd
CY2024Q2 us-gaap Interest Expense
InterestExpense
20812000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
6512000 usd
us-gaap Interest Expense
InterestExpense
45643000 usd
us-gaap Interest Expense
InterestExpense
11819000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
845000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2894000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-850000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1553000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-22080000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22391000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8924000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
39027000 usd
CY2024Q2 us-gaap Assets
Assets
3037087000 usd
CY2023Q4 us-gaap Assets
Assets
3308014000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0000009984-24-000102-index-headers.html Edgar Link pending
0000009984-24-000102-index.html Edgar Link pending
0000009984-24-000102.txt Edgar Link pending
0000009984-24-000102-xbrl.zip Edgar Link pending
b-20240630.htm Edgar Link pending
b-20240630.xsd Edgar Link pending
b-20240630_g1.jpg Edgar Link pending
bex31106302024.htm Edgar Link pending
bex31206302024.htm Edgar Link pending
bex3206302024.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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b-20240630_def.xml Edgar Link unprocessable
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FilingSummary.xml Edgar Link unprocessable
b-20240630_htm.xml Edgar Link completed
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b-20240630_cal.xml Edgar Link unprocessable