Barnes Group Inc. Reports Q2 2024 Financial Results and Updates Guidance

Summary

Barnes Group Inc. reported financial results for the second quarter of 2024, showing a net loss of $46.8 million or -$0.91 per share, with a non-cash goodwill impairment charge of $53.7 million impacting the Automation business unit. Sales increased by 13% to $382 million, with organic sales growth of 5%. The Aerospace segment saw a 79% increase in sales to $218 million, while the Industrial segment sales decreased by 24% to $164 million due to divestitures. The company updated its 2024 guidance with expected sales growth of 10-12% and adjusted EBITDA margin of 20-22%.