Barnes Group (NYSE:B) Inc., a manufacturer of fabricated metal products, announced a change in its financial leadership, appointing Troy W. Ingianni as the new Principal Accounting Officer, effective Saturday. This move comes as part of a planned transition, with the current Vice President, Controller, and Principal Accounting Officer, Marian Acker, shifting to a Senior Advisor role.
Ingianni, 49, who has been with Barnes Group for over 13 years, previously served as the company's Vice President, Global Controller since the start of this month. His tenure at the company includes roles such as Assistant Corporate Controller and Director of Accounting and Reporting. His professional background also includes a significant stint at Deloitte & Touche, LLP, where he was a Senior Manager in Audit Assurance and Advisory Services.
The company's transition plan was outlined in a transition services agreement referenced in prior SEC filings, including the company's Quarterly Report and Annual Report. Ingianni's compensation has been set at an annual base salary of $270,000, with a target annual incentive award of 40% of his base salary, contingent on the company's performance targets.
Additionally, he received a one-time equity grant of restricted stock units valued at approximately $125,000, which will vest over a period contingent upon continued employment.
In other recent news, Barnes Group reported a 13% increase in revenue, rising to $382 million, and a 14% rise in adjusted EBITDA to $76 million in the second quarter of 2024. However, the company's earnings per share experienced a decrease compared to the previous year.
The aerospace segment of Barnes Group saw a significant surge, with sales increasing by 79% and aftermarket sales growing by 19%. Conversely, the industrial segment witnessed a 24% drop in sales due to divestitures.
The company has adjusted its full-year sales growth guidance to 10-12%, with organic sales growth expected at 4-6%, and adjusted EPS predicted to be between $1.55 and $1.75. Despite facing challenges such as supply chain constraints and shifts in the aerospace industry, Barnes Group is realigning its workforce and expanding aftermarket facilities to capitalize on market recovery.
Regarding the company's financial health, Barnes Group is aiming for a leverage ratio of 3 times or lower by the end of 2024 and 2.5 times by the end of 2025. The company is also focused on its three-pillar strategy and is exploring additional portfolio shaping opportunities.
InvestingPro Insights
As Barnes Group Inc . navigates through its leadership transition with Troy W. Ingianni stepping into the role of Principal Accounting Officer, investors may find value in considering the company's financial health and market performance. According to InvestingPro data, Barnes Group Inc. boasts a market capitalization of $1.85 billion and a revenue growth of 22.02% in the last twelve months as of Q2 2024, reflecting a strong upward trajectory in sales. Despite a negative P/E ratio of -31.58, indicating past challenges in profitability, the company's gross profit margin stands at a robust 30.6%, suggesting efficiency in their operations.
An InvestingPro Tip highlights that the company’s net income is expected to grow this year, which could signal a turnaround and align with Ingianni's expertise in financial management. Additionally, the company has maintained dividend payments for 54 consecutive years, underscoring a commitment to shareholder returns, with a dividend yield of 1.85% as of the latest data.
For investors seeking a deeper dive into Barnes Group Inc.'s financials and future projections, InvestingPro offers additional tips and metrics that can provide a more comprehensive analysis. There are numerous additional InvestingPro Tips available at https://www.investing.com/pro/B, which can further guide investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.