Aerospace and industrial manufacturer Barnes Group, Inc. (B) announced Monday that completion of the sale of its Barnes Distribution North America business or BDNA, to MSC Industrial Direct Co., Inc. (MSM) for $550 million. The company also said it is adjusting its full-year 2013 guidance to reflect the impacts of the sale of BDNA and the previously announced CEO transition.
Meanwhile, the company noted that it will use the after-tax proceeds of about $400 million from the sale of BDNA to "reduce debt, buyback common shares, invest in profitable growth initiatives including potential acquisitions, and for general corporate purposes."
Bristol, Connecticut-based Barnes Group now expects earnings from continuing operations in a range of $1.71 to $1.86 per share, and adjusted earnings are projected in the range of $1.83 to $1.98 per share, excluding $0.12 per share of non-recurring CEO transition costs. The company had earlier projected 2013 earnings in the range of $2.03 to $2.18 per share.
The company also currently projects revenues from continuing operations to grow in a range of 17 to 20 percent from last year. The company had previously anticipated 14 to 18 percent growth.
Street is currently looking for full-year 2013 earnings of $2.09 per share on annual revenues of $1.34 billion.
On February 22, the company announced the promotion of Chief Operating Officer Patrick Dempsey to president and CEO of the company, effective March 1. Dempsey replaced Gregory Milzcik, who is retiring after serving at the positions since 2006. Milzcik will remain with the company through May 3, as executive vice chairman to help in a smooth leadership transition.
Further, the company announced the re-segmentation of its business into two reportable units such as Aerospace and Industrial, with BDNA being moved to discontinued operations beginning with the first quarter of 2013.
BDNA results were being reported within the company's distribution segment, Associated Spring Raymond. The company is currently moving the remaining business within the distribution segment into its industrial division.
To reflect these changes, the company said it has published a financial supplement of adjusted historical financial results for the period 2008 to 2012 in a comparable manner.
In Monday's regular trading session, B is currently trading at $26.61, down $0.53 or 1.95% on a volume of 17,169 shares.
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