Barnes Group Inc. Reports Fourth Quarter and Full Year 2020 Financial Results

first_img 24,519 244,108 16.7 ) Goodwill 53,550 ) % Change 16.0 ) (37,430 % ) ) ) 139,258 17,717 %Change 6,677 Local NewsBusiness (620 0.16 (21.9 ) 59,039 (1,210 (Unaudited) (1) The Company defines free cash flow as net cash provided by operating activities less capital expenditures. The Company believes that the free cash flow metric is useful to investors and management as a measure of cash generated by business operations that can be used to invest in future growth, pay dividends, repurchase stock and reduce debt. This metric can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. (24.6 ) 8,179 – Free cash flow to net income cash conversion ratio (as adjusted) (2) (16.7 (1,002 (52.5 % (6,059 (59.5 (30.2 Current liabilities 82,131 $ (9,158 Free cash flow: 310,516 $ 0.35 Operating Margin – Aerospace Segment (GAAP) 122,480 ) $ 938,507 11.0 $ ) – ) Previous articleEverbridge annuncia di essersi aggiudicata cinque contratti relativi alle soluzioni Public Warning con società di trasmissioni wireless, governi e Stati finalizzati alla protezione delle persone e delle aziende in Europa e in AsiaNext articleWilliams career-high 32 sparks WSU to romp over Cal 82-51 Digital AIM Web Support ) ) – (341,419 2,738,335 2020 22.2 11.3 45,148 Net cash provided by operating activities $ ) WhatsApp (Gain) loss on disposition of property, plant and equipment Liabilities held for sale % Change bps. 4,774 NON-GAAP FINANCIAL MEASURE RECONCILIATION ) 15,944 20,629 ) $ 1,124,391 BARNES GROUP INC. 2,932 % ) (48.2 Notes and overdrafts payable % Income before income taxes 0.80 101,495 (41.6 Operating Income as adjusted (Non-GAAP) (1) $ 236,448 Inventories – 0.64 5,490 % ) 215,462 – 12.1 48,494 Non-cash impairment charge related to divestiture 14.1 – (Unaudited) 7,730 Net cash provided by operating activities Liabilities and Stockholders’ Equity 2019 Total operating profit $ ) % 99,059 (60.0 ) – Other intangible assets, net 25,447 1.25 2,336 32,698 5,492 1,254,670 6,054 Operating Profit – Aerospace Segment (GAAP) $ ) (9.9 Total assets 16.5 10.2 (58.1 $ (Dollars in thousands, except per share data) Diluted Net Income per Share as adjusted (Non-GAAP) (1) Financing activities: (Dollars in thousands) 2020 61,256 12,577 11.0 (0.7 (17.0 (50,347 ) – – ) – 123,370 (38.5 bps. ) $ – BRISTOL, Conn.–(BUSINESS WIRE)–Feb 19, 2021– Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the fourth quarter and full year 2020. “Barnes Group delivered sequentially improved financial results in the fourth quarter and exceeded the high-end of our adjusted EPS outlook. After the historic disruption of business brought on by the global COVID-19 pandemic, the Company’s cost management and cash generation focus of 2020 is shifting to restarting our growth engine, as Industrial end markets are improving and Aerospace end markets are beginning to stabilize,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “While continuing impacts of the pandemic remain and will be managed, our 2021 focus has returned to growth, with an emphasis on driving innovation and digital initiatives across the organization,” added Dempsey. “We envision elevated investment in these initiatives as we position the Company to best leverage the future economic recovery.” Fourth Quarter 2020 Highlights Fourth quarter 2020 net sales of $289 million were down 22% from $370 million in the prior year period, with organic sales (1) declining 21% primarily driven by the ongoing impacts of the global pandemic on the Company’s end markets. Divested Seeger sales had a negative impact of 3%, while foreign exchange had a positive impact of 3%. Since the sales low point of the second quarter, the Company has now delivered two consecutive quarters of sequential revenue improvement, with fourth quarter net sales increasing 7% from the third quarter. Operating income was $32.7 million versus $61.3 million a year ago. Operating margin decreased 520 bps to 11.3%. Excluding an aggregate $0.2 million of restructuring charges and Seeger divestiture adjustments, adjusted operating income was $32.9 million and adjusted operating margin was 11.4%, down 580 bps from last year. Net income for the fourth quarter was $17.7 million, or $0.35 per diluted share, compared to $41.0 million, or $0.80 per diluted share, a year ago. On an adjusted basis, net income per share of $0.36 was down 58% from $0.86 a year ago. Adjusted net income per diluted share in the fourth quarter of 2020 excludes $0.01 of restructuring costs and Seeger divestiture adjustments. Fourth quarter 2019 adjusted net income per share excludes a $0.05 benefit related to the finalization of Gimatic short-term purchase accounting in our Industrial Segment and excludes an $0.11 non-cash impairment charge related to the disposition of the Seeger business. Full Year 2020 Highlights For the full year 2020, Barnes Group produced net sales of $1,124 million, down 25% from $1,491 million in the prior year. Full year organic sales were down 22%. Divested Seeger sales had a negative impact of 3%, while foreign exchange had a positive impact of 1%. Operating income was $123.4 million versus $236.4 million a year ago, while operating margin decreased 490 bps to 11.0%. On an adjusted basis, operating income was $144.0 million this year versus $244.1 million last year, a decrease of 41%. Adjusted operating margin was 12.8%, down 360 bps from 16.4% in the prior year. Interest expense for 2020 was $15.9 million, a decrease of $4.7 million from the prior year due to lower average borrowings and the benefit of a lower average interest rate. Other expense was $5.9 million compared to $9.0 million a year ago, primarily as a result of lower foreign exchange losses, offset in part by unfavorable pension expense. The Company’s effective tax rate in 2020 was 37.6% compared with 23.4% last year with the increase largely due to a decrease in earnings in jurisdictions with lower rates, the recognition of tax expense related to the completed sale of the Seeger business during the first quarter of 2020, the impact of the global intangible low-taxed income tax on foreign earnings in the U.S. and excess tax charges related to stock awards granted in prior years. Net income for the year was $63.4 million, or $1.24 per diluted share, compared to $158.4 million, or $3.07 per diluted share, a year ago. On an adjusted basis, 2020 net income per share was $1.64, down 49% from $3.21 in 2019. Adjusted net income per share for 2020 excludes $0.27 of restructuring costs and $0.13 of Seeger divestiture adjustments. For 2019, adjusted net income per share excludes $0.03 of Gimatic short-term purchase accounting adjustments and an $0.11 non-cash impairment charge related to the disposition of the Seeger business. 2020 full year cash provided by operating activities was $215.5 million versus $248.3 million in the prior year period. Free cash flow was $174.8 million compared to $195.0 million last year. Capital expenditures were $40.7 million, down $12.6 million from a year ago. Segment Performance and End Market Outlook Industrial Fourth quarter sales were $209.1 million, down 9% from $230.9 million in the prior year period. Organic sales decreased 8% primarily related to a significant volume decrease caused by the continuing impacts of the COVID-19 pandemic on automotive and industrial end markets. Divested Seeger revenues of $12.6 million had a negative impact of 5%, while favorable foreign exchange increased sales by $10.2 million, or 4%. On a sequential basis, total Industrial sales increased 6% from the third quarter of 2020. Operating profit in the fourth quarter was $24.5 million, down 19% from $30.2 million in the prior year period. The decrease was driven by lower sales volumes, partially offset by cost initiatives such as workforce reductions, temporary compensation cuts, and discretionary expense curtailments. Operating margin was 11.7%, down 140 bps from a year ago. Excluding an aggregate $0.2 million of restructuring charges and Seeger divestiture adjustments, adjusted operating profit of $24.7 million was down 24% from last year’s adjusted operating profit of $32.5 million. Adjusted operating margin of 11.8% was down 230 bps from a year ago. During the fourth quarter, manufacturing PMIs in our major geographic regions remained solid and our Industrial organic orders growth of 10% over the prior year period reflected such strength. Although the global pandemic will continue to impact our expectations for our Industrial businesses, we anticipate 2021 to show continued progress along a recovery path in both sales and operating margin. Industrial’s full year 2020 sales were $770.1 million, down 18% from $938.5 million a year ago. Organic sales were down 14%. The Seeger divestiture had an unfavorable sales impact of 5%, while favorable foreign exchange had a positive impact of 1%. Full year operating profit of $66.6 million was down 42% from $114.0 million in the prior year. On an adjusted basis, operating profit was $85.0 million for 2020 versus $121.6 million a year ago, a decrease of 30%. Adjusted operating margin was 11.0%, down 200 bps from 2019. Aerospace Fourth quarter sales were $80.0 million, down 43% from $139.3 million last year as the COVID-19 pandemic continues to impact global aerospace end markets. Aerospace original equipment manufacturing (“OEM”) sales decreased 39% while aftermarket sales decreased 49%. On a sequential basis, Aerospace sales increased 11% from the third quarter of 2020. Operating profit was $8.2 million, down 74% from $31.1 million in the prior year period, reflecting the impact of lower sales volumes. Operating margin was 10.2% versus 22.3% a year ago. For the fourth quarter, global aerospace end markets remained under considerable strain driven by the pandemic. We continue to anticipate that our OEM business will see muted demand for its manufactured components as aircraft production rates at Boeing and Airbus have been reduced. In the aerospace aftermarket, lingering declines in aircraft utilization and diminished airline profitability will negatively impact our business. Full year 2020 Aerospace sales were $354.3 million, down 36% from a record $552.6 million last year. Operating profit was $56.8 million, down 54% from last year’s record $122.5 million. Operating margin was 16.0% versus 22.2% last year. On an adjusted basis, which excludes $2.3 million in 2020 restructuring charges, adjusted operating profit was $59.0 million and adjusted operating margin was 16.7%. Aerospace OEM backlog ended the year at $572 million, up 7% from September 2020. The Company expects to ship approximately 45% of this backlog over the next 12 months. Balance Sheet and Liquidity Barnes Group’s balance sheet remains well-positioned with sufficient liquidity to fund operations. The Company has liquidity of $79 million in cash and $406 million available under the revolving credit facility, subject to covenants which would have allowed $162 million under our current credit agreements. With respect to the balance sheet, our “Debt to EBITDA” ratio, as defined in our credit agreements, was approximately 3.0 times at year end. The Company is in full compliance with all covenants under its amended credit agreements. 2021 Outlook Barnes Group expects 2021 organic sales to be up 6% to 8%. Foreign exchange is anticipated to have a minimal impact on 2021 sales. Adjusted operating margin is forecasted to be in the range of 12.0% to 14.0%. Adjusted earnings per share are expected to be in the range of $1.65 to $1.90, approximately flat to up 16% from 2020’s adjusted earnings per share of $1.64. Adjusted earnings per share for 2021 are anticipated to exclude $0.02 related to residual restructuring charges for previously announced actions. Further, the Company forecasts capital expenditures of approximately $55 million and cash conversion of greater than 100% of net income. The effective tax rate for 2021 is expected to be approximately 30%. “Although 2020 presented unprecedented business challenges, swift actions including cost management allowed Barnes Group to generate strong cash flow and remain in a solid financial position. We continue to invest in our businesses, positioning the Company for the anticipated recovery of our end markets. As 2021 unfolds, we anticipate organic revenue growth to return for our Industrial business, while Aerospace is expected to remain pressured. As sales volume returns, we expect margin leverage to follow,” said Marian Acker, Vice President, Controller and Interim Chief Financial Officer, Barnes Group Inc. Conference Call Information Barnes Group Inc. will conduct a conference call with investors to discuss fourth quarter and full year 2020 results at 8:30 a.m. ET today, February 19, 2021. The public may access the conference through a live audio webcast available on the Investor Relations section of Barnes Group’s website at www.BGInc.com. The conference is also available by direct dial at (844) 884-8225 in the U.S. or (647) 689-4194 outside of the U.S.; Conference ID 4892667. Supplemental materials will be posted to the Investor Relations section of the Company’s website prior to the conference call. In addition, the call will be recorded and available for playback from 12:00 p.m. (ET) on Friday, February 19, 2021 until 11:59 p.m. (ET) on Friday, February 26, 2021, by dialing (416) 621-4642; Conference ID 4892667. Note: (1) Organic sales decline represents the total reported sales decrease within the Company’s ongoing businesses less the impact of foreign currency translation and acquisition and divestitures completed in the preceding twelve months. About Barnes Group Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare, and packaging. The skilled and dedicated employees of Barnes Group around the globe are committed to the highest performance standards and achieving consistent, sustainable profitable growth. Barnes Group is committed to corporate accountability and furthering environmental, social and governance principles as evidenced by our listing as one of America’s Most Responsible Companies by Newsweek. For more information, visit www.BGInc.com. Forward-Looking Statements This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future operating and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “expect,” “plan,” “estimate,” “project,” “continue,” “will,” “should,” and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These include, among others: difficulty maintaining relationships with employees, customers, distributors, suppliers, business partners or governmental entities; failure to successfully negotiate collective bargaining agreements or potential strikes, work stoppages or other similar events; difficulties leveraging market opportunities; changes in market demand for our products and services; rapid technological and market change; the ability to protect and avoid infringing upon intellectual property rights; introduction or development of new products or transfer of work; higher risks in global operations and markets; the impact of intense competition; acts of terrorism, cybersecurity attacks or intrusions that could adversely impact our businesses; the impacts of the COVID-19 pandemic on our business, including on demand, supply chains, operations and our ability to maintain sufficient liquidity throughout the unknown duration and severity of the pandemic; the failure to achieve anticipated cost savings and benefits associated with workforce reductions and restructuring actions, including actions previously announced by the Company; uncertainties relating to conditions in financial markets; currency fluctuations and foreign currency exposure; future financial performance of the industries or customers that we serve; our dependence upon revenues and earnings from a small number of significant customers; a major loss of customers; inability to realize expected sales or profits from existing backlog due to a range of factors, including changes in customer sourcing decisions, material changes, production schedules and volumes of specific programs; the impact of government budget and funding decisions; government tariffs, trade agreements and trade policies; the impact of new or revised tax laws and regulations; the adoption of laws, directives or regulations that impact the materials processed by our products or their end markets; changes in raw material or product prices and availability; the continuing impact of prior acquisitions and divestitures; integration of acquired businesses; and any other future strategic actions, including acquisitions, divestitures, restructurings, or strategic business realignments, and our ability to achieve the financial and operational targets set in connection with any such actions; the outcome of pending and future legal, governmental, or regulatory proceedings and contingencies; product liabilities and uninsured claims; future repurchases of common stock; future levels of indebtedness; and numerous other matters of a global, regional or national scale, including those of a political, social, economic, business, competitive, environmental, regulatory and public health nature (including the COVID-19 pandemic); and other risks and uncertainties described in this Annual Report. The Company assumes no obligation to update its forward-looking statements. 16.5 11.7 29,212 Basic Notes: 50,880,846 0.86 (59.6 370,171 Proceeds from the sale of businesses, net of cash sold (0.6 ) 8,187 2020 0.36 944,154 (Unaudited) (Unaudited) 2,060 7,724 ) 11.8 Other assets CONSOLIDATED STATEMENTS OF CASH FLOWS Seeger divestiture adjustments $ 5,600 $ 174,764 %Change 5,600 ) 3.21 TAGS  100,719 209,080 CONSOLIDATED BALANCE SHEETS – Long-term tax liability 61,256 279,783 Diluted (47.8 – (17.9 ) Depreciation and amortization (191,993 8.6 % (7,379 Total net sales $ 57 (35.9 Aerospace $ 21,235 $ ) ) Operating Margin – Industrial Segment as adjusted (Non-GAAP) (1) $ 289,125 Operating Profit – Industrial Segment (GAAP) $ – 67,403 32,544 – 13.1 770,127 1,491,118 Restructuring/reduction in force charges 56,788 53,924 (32,544 ) 31,079 ) 13.0 143,994 – 66,582 (41.6 ) $ 4,616 Cash, cash equivalents and restricted cash at beginning of year 149 ) 256,427 (15.8 $ Accounts receivable ) 236,448 (3,313 209,992 $ $ ) Total stockholders’ equity ) $ 122,480 (46.6 Notes: ) to (3,368 2019 Industrial (Dollars in thousands) ) (47.8 17.2 bps. 98,107 66,582 ) $ ) 49,400 (350 ) 1.64 Aerospace 98,171 ) 11,482 (0.05 8,100 – 1.63 16.0 – 2,738,335 % 11.3 (4,944 $ (4,187 % 10.2 % (Dollars in thousands) (350 1,270,528 764,390 – – $ (1,418 Twitter Adjustments to reconcile net income to net cash provided by operating activities: 0.11 65,130 Operating profit 12.1 (Unaudited) RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Common stock repurchases Current assets Net income % $ 158,350 (12,025 122,480 88,408 348,974 ) 5,600 84,955 Payments on long-term debt $ Gimatic short-term purchase accounting adjustments Other 251,460 (59.6 bps. 642,345 2019 BARNES GROUP INC. 0.80 8,975 Property, plant and equipment, net Long-term tax liability 356,603 Deferred income taxes 8,130 ) 87,656 564,132 Restructuring/reduction in force charges Total operating margin $ 158,350 158,350 – Prepaid expenses and other current assets 13.1 Per common share: 230,913 bps. Dividends paid Assets Accrued liabilities Capital expenditures ) $ 2019 Seeger divestiture charges Interest expense Accounts payable BARNES GROUP INC. – (16,233 – (140 5,931 2,034 $ 22.3 342,875 56,788 Operating margin (Dollars in thousands) ) ) Net change in other borrowings CONSOLIDATED RESULTS (520 118,509 1.24 (2) For the purpose of calculating the cash conversion ratio, the Company has excluded the Seeger divestiture charges from 2020 net income and the non-cash impairment charge related to the divestiture of the Seeger business from 2019 net income. Deferred income taxes – ) ) (56.3 Other liabilities (10,640 Inventories 248,301 (Dollars in thousands, except per share data) $ (219,666 22.3 – $ bps. ) $ Net sales (53,286) – – (Unaudited) Twitter (3,313 – – % 236,552 Change Cash and cash equivalents at end of year % 1,124,391 ) (23.9 121,628 31,079 Operating Profit – Industrial Segment as adjusted (Non-GAAP) (1) $ Net income $ 8 Stock compensation expense Total current assets ) Prepaid expenses and other current assets (22.7 % ) Dividends (15,550 6,989 $ 107,381 22,092 BARNES GROUP INC. 370,947 189,024 % 3.07 ) 581,116 ) % (5,721 Less: Restricted cash, included in Prepaid expenses and other current assets (42.5 Operating Margin as adjusted (Non-GAAP) (1) ) 36,062 $ 119% 93,805 Proceeds from disposition of property, plant and equipment (46.6 15,907 ) ) 51,025,733 bps. (9,968 – (620 (6,949 bps. Operating Margin – Industrial Segment (GAAP) Long-term retirement benefits Other 5,373 699,868 ) ) 0.02 2,466 (6,914 21,373 bps. View source version on businesswire.com:https://www.businesswire.com/news/home/20210219005024/en/ CONTACT: Barnes Group Inc. William Pitts Director, Investor Relations 860.583.7070 KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENGINEERING CHEMICALS/PLASTICS AEROSPACE MANUFACTURING OTHER MANUFACTURING STEEL SOURCE: Barnes Group Inc. Copyright Business Wire 2021. PUB: 02/19/2021 06:30 AM/DISC: 02/19/2021 06:30 AM http://www.businesswire.com/news/home/20210219005024/en ) ) $ 215,462 93,358 (73.7 (5,867 Twelve months ended December 31, bps. (266,424 Net sales $ (6,061 28,045 $ Accrued liabilities Restructuring/reduction in force charges ) ) $ 226,784 SEGMENT RESULTS $ Operating activities: $ Accrued retirement benefits – 236,448 178,560 (50.9 Weighted average common shares outstanding: – 80,045 Proceeds from the issuance of long-term debt 721,238 $ Three months ended December 31,Twelve months ended December 31, 57 Other expense (income), net ) BARNES GROUP INC. – (550 % 66,012 (5,855 ) 123,370 Accounts payable % ) Assets held for sale 16.5 ) 2019 3,837 % ) – $ % Total liabilities and stockholders’ equity ) Effect of exchange rate changes on cash flows ) Facebook Selling and administrative expenses Net cash used by investing activities (0.4 Aerospace $ Other 1.65 ) Industrial $ Assets held for sale ) (200 15.9 15.9 BARNES GROUP INC. 206,844 825,017 79,145 Decrease in cash, cash equivalents and restricted cash 3.09 11.0 $ Seeger divestiture non-cash impairment charge $ 163,950 % % 249% $ Withholding taxes paid on stock issuances 51,021,633 (32,402 22.2 (520 % 63,375 – – (40,698) ) 3,230 1,491,118 % Free cash flow to net income cash conversion ratio (as adjusted): 933,022 $ 63,375 Free cash flow (1) $ (8 – Non-cash impairment charge related to divestiture $ 248,301 0.80 Net income (as adjusted) (2) $ 70,052 32,698 ) December 31,2020December 31,2019 2,676,226 11.7 bps. 31,079 51,379,008 (21.9 3.07 Twelve months ended December 31, 91,468 2,147 ) % Change (17.9 (230 30,177 (62,220 0.16 Cash and cash equivalents $ ) (18.7 73,732 ) ) $ % Total current liabilities 51,213,518 0.11 141 – 2020 51,097,586 ) Barnes Group Inc. Reports Fourth Quarter and Full Year 2020 Financial Results 24,717 $ – 2,060 1,001,021 Accounts receivable 32,464 295,379 Capital expenditures 13,306 (1,210 Seeger divestiture adjustments – ) 0.13 (94 ) % 5,600 2020 Net income: (2,887 ) Seeger divestiture non-cash impairment charge 0.35 (56.8 79,145 bps. $ 2020 % (6,949 Operating margin % ) % 32,698 112,428 15.9 93,805 ) $ (9.5 %Change $ % 93,805 ) 32,904 11.0 – ) Cost of sales ) ) ) 1.24 16.4 (53,286 (24.6 Less: Restricted cash, included in Other assets Basic $ ) – $ – (53.6 $ 5,600 2,276 $ 12.8 2019 2020 Diluted $ 32,402 (73.7 Common dividends $ 63,543 $ $ ) Long-term debt Cash, cash equivalents and restricted cash at end of year (1,210 Liabilities held for sale % 67,532 Operating income 91,668 $ 354,272 bps. ) 11.4 Diluted Net Income per Share (GAAP) ) 40,973 (21.4 123,370 By Digital AIM Web Support – February 19, 2021 % (140 ) Income taxes (46.6 % 2020 % 449 Deferred income taxes Seeger divestiture charges 2019 308,915 8,179 Operating Income (GAAP) $ 0.64 2,676,226 Pinterest (360 ) $ 22.3 (18.7 CONSOLIDATED STATEMENTS OF INCOME (47.8 Operating Margin – Aerospace Segment as adjusted (Non-GAAP) (1) Changes in assets and liabilities, net of the effects of divestitures: 10,300 $ 18,158 Net income ) 0.27 WhatsApp ) (51.8 (73.7 Seeger divestiture adjustments % Investing activities: 2,466 113,968 – Proceeds from the issuance of common stock ) 11.3 5,600 238,008 $ – 236 (2,337 30,177 (23.6 $ OPERATIONS BY REPORTABLE BUSINESS SEGMENT ) ) $ Operating Margin (GAAP) % bps. Long-term debt – current 1.90 % ) ) 4,021 63,375 (20.2 370,171 (490 (0.4 38,120 2,251 Gimatic short-term purchase accounting adjustments 1,989 bps. bps. to Intersegment sales (490 Diluted Net Income per Share as adjusted (Non-GAAP) (1) $ Three months ended December 31,Twelve months ended December 31, 2,115 $ 22.2 $ 232,706 Diluted Net Income per Share (GAAP) $ 552,611 Seeger divestiture non-cash impairment charge 8.6 (56.3 ) 1.88 $ % Three months ended December 31,Twelve months ended December 31, 1,382,677 50,865,216 6,677 0.01 ) % (1.0 ) 2019 (22,546 $ 195,015 0.35 0.03 $ (580 Gimatic short-term purchase accounting adjustments 61,256 Business acquisitions, net of cash acquired ) Restructuring/reduction in force charges Restructuring/reduction in force charges 10.2 $ (3,450 bps. ) ) 289,125 ) 1,011,580 113,968 ) %Change $ 577 Full-Year 2021 Outlook $ (1) The Company has excluded the following from its “as adjusted” financial measurements for 2020: 1) adjustments related to the divestiture of the Seeger business, including $2.5M reflected within the Industrial segment’s operating profit and $4.2M of tax expense and 2) charges taken in 2020 related to restructuring and workforce reduction actions to be implemented across its businesses, including $18.2M reflected within operating profit ($0.1M in the fourth quarter) and $1.0M reflected within other expense (income), net ($0.5M in the fourth quarter). The Company has excluded short-term purchase accounting adjustments related to its Gimatic acquisition and the non-cash impairment charge related to the divestiture of the Seeger business from its “as adjusted” financial measurements for 2019. The non-cash impairment charge was recorded pre-tax in 2019 as the tax charges resulting from the divestiture were recorded in the first quarter of 2020 following the completion of the sale. The tax effects of the restructuring actions in 2020 and the short-term purchase accounting adjustments in 2019 were calculated based on the respective tax jurisdictions and range from approximately 26% to 28%. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company’s performance. Accordingly, the measurements have limitations depending on their use. (53.6 bps. 93,805 Net cash used by financing activities 59,063 ) (56.3 (33.9 (41.0 24,519 ) Industrial $ Operating Profit – Aerospace Segment as adjusted (Non-GAAP) (1) $ (40,698 51,633,169 (0.3 ) 10.2 Pinterest (48.9 Facebooklast_img read more

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Brexit roundup: MPs to explore UK financial services’ post-EU future

first_imgA cross-party committee of MPs has launched an inquiry into the future of the UK’s financial services after the country has left the EU.The Treasury Select Committee – made up of members of the UK’s lower house of parliament – will examine what the government’s financial services priorities should be when it negotiates the UK’s future trading relationship with the EU and other countries.The inquiry will also consider whether the UK should maintain the current regulatory barriers that apply to third countries.Nicky Morgan, chair of the committee, said: “London is the world’s premier financial centre, and many of us want to keep it that way.” Headquarters of the CSSF, Luxembourg’s financial regulatorThe Luxembourg financial services regulator, the CSSF, has issued a reminder that fund management responsibilities could still be delegated to the UK in the event of the latter leaving the EU without a withdrawal deal, if companies fulfil certain conditions.The CSSF said it was working towards the required co-operation with the UK’s Financial Conduct Authority (FCA) being in place by 29 March in the event of such a “no deal” Brexit.The regulator also reminded Luxembourg firms and investment funds passporting activities into the UK that a temporary permissions regime had been operating since 7 January.Firms and investment funds notifying the FCA under this regime would be authorised to continue existing regulated business within the scope of their current permissions in the UK for a limited period after 29 March while seeking full FCA authorisation.The regime also allowed inbound marketing of EU funds in the UK to continue temporarily.According to Luxembourg for Finance, a public-private partnership established to develop the Duchy’s financial centre, the country’s regulators granted 80 new licences for banks, management companies, alternative asset managers, insurers and investment firms in 2018.This included several financial institutions that had publicly announced their decision to relocate some activities because of Brexit.The agency said 47 financial institutions had publicly disclosed Brexit relocation plans involving Luxembourg, half of which were asset managers.M&G and Columbia Threadneedle are among those who have announced plans to transfer assets to Luxembourg. Others have opted for Dublin. She added: “Brexit will have a significant and long-lasting impact on the financial services sector, including the insurance, retail banking and asset management sectors, in the UK, the EU, and potentially the rest of the world.”The inquiry will weigh up the pros and cons of different possible future relationships with the EU – convergence, equivalence, or divergence.“We’ll also seek to conclude whether it would be in the long-term interests of the UK to align closely with EU financial rules, or to forgo financial services trade with the EU and pursue trade with other third countries,” said Morgan.The committee would also consider “the opportunities outside Brexit”, such as fintech, she added.There is no set deadline for submitting written evidence to the inquiry.  Luxembourg regulator issues Brexit delegation reminderlast_img read more

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The 20 IN 20: Major sporting events coming to Indiana

first_imgStatewide— As the Big Ten Men’s and Women’s basketball tournaments are about to descend on Indianapolis, it should be no surprise that Visit Indiana’s sixth list of The 20 IN 20 features sporting events.“Indiana has built a reputation as one of the best places to host sporting events,” said Lt. Governor Suzanne Crouch. “The world’s largest single-day sporting event, the Indy 500, happens every May at the Indianapolis Motor Speedway, and we continue to seek more opportunities to showcase our incredible city.”People from all over come to visit The Racing Capital of the World. The 1,000-acre facility also is home to the Brickyard Crossing Golf Course and the Indianapolis Motor Speedway Museum.“Sports tourism is big business for Indiana. That’s why the Indiana Office of Tourism Development (IOTD) works with Sports Indiana and Indiana Sports Corp to support, enhance and grow sporting events, as well as strengthen bids to attract new business to the state,” said Misty Weisensteiner, director of IOTD. “Last year, the economic impact from the Sports Indiana Grants was almost $20 million.”From auto racing and basketball to championship golf tournaments, put these 20 sporting events in Indiana on your calendar for 2020. All year, Visit Indiana will reveal 20 lists of 20 must-see, must-do Indiana experiences, one at a time.last_img read more

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Buckling named tournament MVP

first_imgBuckling was also named MVP of the tournament after leading the charge against the top-seeded Stanford Cardinal in the final game.Buckling, who scored two goals in the opening game against CSU Bakersfield and then another against Arizona State in the semis, made certain to save her best performance for the final act.After being held scoreless in her last showing against the Cardinal, Buckling burst out of the gates scoring two goals in the first quarter to help the Women of Troy jump to a 5-0 lead. She would add a goal apiece in the third and fourth quarters to lock down the 11-7 victory; her four goals on the day led all players in scoring.Vavic, who has been a prolific scorer all season for the Women of Troy, did not disappoint in the biggest tournament of the season thus far. She put together a hat trick in each game, leading all USC scorers in the tournament with nine total goals. All three of her goals in the Stanford game came in the first half, draining the defending national champions of their confidence early in the matchup. With her selection, Vavic has now been named to the MPSF all-tournament team in both of her appearances.Espar, playing in her first MPSF tournament, made her presence known in each game with two goals against each team. Bolonyai anchored the defense, averaging 9.3 saves per game, including nine big saves in the final game — one of which came on a 5-meter penalty-shot attempt.The outstanding performance of these four players in the MPSF tournament, along with the rest of the USC squad, helped to earn the Women of Troy the top seed in the NCAA tournament. The tournament will be held in Cambridge, Mass., and begins on May 10. Four USC women’s water polo players have at least one more trophy to take home after winning this past weekend’s Mountain Pacific Sports Federation tournament: Junior two-meter Hannah Buckling and junior goalie Flora Bolonyai, sophomore Monica Vavic and freshman Anni Espar were named to the all-tournament team for their outstanding performances in the three games.Strong showing · Freshman Anni Espar (above) scored at least two goals in every game she played during the MPSF tournament. – Ralf Cheung | Daily Trojanlast_img read more

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Marko Arnautovic joins Shanghai SIPG from West Ham

first_img Source: BBC West Ham forward Marko Arnautovic has completed a move to Chinese side Shanghai SIPG for £22.4m.Arnautovic, 30, told the Hammers he wanted to quit London Stadium last week when he learned of renewed interest from China.West Ham’s initial reaction was to tell the Austria international to honour the contract extension he signed in January.But an increased bid has now been accepted for the striker.The Premier League club have let Arnautovic leave rather than allow a potentially disruptive influence to remain in Manuel Pellegrini’s squad.Arnautovic previously expressed a desire to take up a big-money offer from China in January, but instead remained in London.West Ham are set to travel to China later in July for matches in Nanjing and Shanghai in the pre-season Premier League Asia Trophy tournament.When Arnautovic signed his contract extension earlier this year, he said: “The fans gave me the power, they gave me the energy.“That’s why I have to be here and that’s why I want to stay.”last_img read more

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