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Text: Our discussion today includes certain non-GAAP financial measures, which provide additional information we believe is helpful to our investors.
These measures have been reconciled to the related GAAP measures in accordance with SEC regulations.
Please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the SEC.
Continuing with a clear focus on our business recovery, Barnes Group produced another solid quarter of year-over-year and sequential improvement in orders, organic sales, operating margins and earnings.
With total backlog at its highest point since the end of 2019, expanding revenue outlook, strengthening industrial end markets and the progressing aerospace environment, we feel confident about the prospects for the second half of the year.
More importantly, our improving financial results continue to be supported by significant investments in growth initiatives, that position us to sustain performance over the long-term.
In the second quarter, organic sales were up 31% with sizable gains in both our operating segments.
Industrial was particularly strong, while Aerospace continues to build momentum after the significant effects of the pandemic on that industry.
Similarly, orders were very good as we generated a book-to-bill of 1.3 times, with Aerospace driving that result.
Our total backlog stands at $984 million at quarter-end, reflecting a 12% increase from the end of the first quarter.
Adjusted operating income and margins were up 41% and 40 bps respectively.
Adjusted earnings per share were $0.45, up 67% from last year.
Again, really great results by the team.
Moving now to a discussion of end-market dynamics, beginning with Industrial.
Our Industrial segment generated another strong quarter with each of our businesses generating excellent year-over-year organic orders and revenue growth.
For the segment, orders were up 37% organically with a book-to-bill of approximately 1 times.
Industrial sales grew 42% with organic sales growth of 35%.
Of note, second quarter total industrial sales were ahead of pre-COVID second quarter of 2019.
As a macro level backdrop like last quarter manufacturing PMIs in the U.S. and Euro zone remains strong, with China in the expansion territory, though not as robust as the other regions.
Now with expanding the ongoing semiconductor issue that's dampening automotive bills, IHS predicts -- still predicts 2021 global production to be up 10% over the last year and up an additional 11% in 2022.
With respect to new platform launches and major refresh programs of light vehicles, 2021, 2022 and 2023 are forecast to be sustained at a healthy level.
Within our Molding Solutions business, we saw a good orders quarter up 17% organically.
Automotive, Packaging and Personal Care, each saw double-digit orders growth, with Automotive being particularly strong.
Medical mold orders took a dip in the quarter, not an unusual dynamic as these large ticket products can be somewhat lumpy.
Organic sales were up 22% year-over-year, while sequential sales were up 13%.
On many occasions, you've heard me talk about investments in growth that we're making across the businesses to drive our sales and marketing efforts, innovation, and new product development.
Recently I discussed the launch of our new vacuum gripper technology in our Automation business.
At Molding Solutions, we are also working hard to expand our leading technology-based solutions across multiple end markets.
A prime example relative to the public health crisis we've all experienced over the last year or so, is our mold technology serving the global medical market and our investment and development of a new product offering known as Pipette Tips.
Pipette tips are a high volume critical item used in the world of laboratory diagnostics for collecting a precise amount of liquid and transferring it to a test apparatus.
This market has expanded recently in order to meet the enormous demand brought on by the pandemic.
Our customers require a technology-based solution that consistently delivers high output rates with extremely tight tolerances.
The pipette tip's geometry must be precise to ensure the test results are both accurate and reliable.
Our Molding Solutions business has developed a mold concept, specifically for production of pipette tips, which not only meets strict technical requirements, but also focuses on superior reliability, and ease of maintenance.
To maximize up time in an operation that runs 24 hours a day, seven days a week, the configuration of the mold allows for required maintenance of worn parts to occur right on the machine to replaceable modular units or clusters allowing for minimum disruption and production to come quickly back online.
Delivering leading technology-based solutions such as the pipette tip mold system, and focusing on customer success allows our Molding Solutions business to demonstrate extraordinary value.
To close my Molding Solutions comments, our sales outlook has improved once again, as we now forecast organic sales growth in the mid-teens, a bit better than our prior view.
At Force and Motion control organic orders were up over 50% with organic sales up double digits.
FMC's two major end markets, sheet metal forming and general industrial, both saw robust orders and sales growth.
On a sequential basis, sales increased 6%.
We continue to see full-year 2021 organic sales growth to be up mid-teens.
Engineered Components once again generated high double-digit organic orders and revenue growth on a year-over-year basis.
Sequentially, we saw a modest step in orders and sales as automotive semiconductor issues weigh on automotive end markets.
As a result of this issue, we saw our second quarter revenue impact of approximately $5 million, very much aligned with the exposure we disclosed in April.
We expect the third quarter semiconductor revenue impact of $3 million and another $1 million in the fourth quarter.
Our general industrial markets remained very healthy and are helping to mitigate some of the impact.
Our outlook for organic sales growth is now forecast to be up in high-teens, a step up from our prior view of mid-teens growth.
At Automation, as economies rebound, the migration toward industrial robotics, a more complex end-of-arm tooling solutions continues to be favorable.
On a year-over-year basis, organic orders and sales growth were well into the double digits.
Sequential growth in orders and sales also continues along a healthy trend.
We now expect 2021 to deliver organic growth of approximately 20%, better than our April expectation of mid-teens growth.
To wrap up on Industrial, clearly our year-over-year growth rates across the segment compared favorably to last year's second quarter, which was the trough quarter relative to the impact of the pandemic.
Comparables gets more difficult over the next few quarters, though we expect to perform well.
At Industrial, we see 2021 organic growth in the mid-teens with operating margins of 12% to 13%.
Our margin expectation is down slightly as we continue to make strategic investments in our people, products and systems.
However, we view these investments as critical to setting us up for long-term growth and profitability.
Additionally, in the near-term, we are managing supply chain challenges, which Julie will address in a moment.
It's fair to say that the environment continues to improve.
Airbus and Boeing narrow-body production levels are anticipated to increase meaningfully, although wide-body recovery is still a way off.
Global traffic and capacity trends are improving and that all bodes well for a strengthening aftermarket.
At the segment level we've been seeing good sequential sales growth and expect that trend to continue.
And beginning this quarter, we'll see favorable year-over-year comparisons as we move through the year.
Aerospace sales improved 23% over last year and 6% sequentially from the first quarter.
OEM led the growth while aftermarket was down modestly, which we believe is simply timing.
A highlight of the quarter was our strong OEM orders which generated a book-to-bill of 2.5 times.
That's three quarters in a row with a strong order to book.
This reflects our customer's confidence in a narrow body ramp, as most of the order volume relates to the LEAP engine platform.
Our 2021 outlook for Aerospace is unchanged from our prior view.
Total Aerospace sales are expected to be up low-single digits.
Within the segment, OEM sales are forecast to be up mid-single digits, MRO down low-single digits, and spare parts down in the mid-teens.
Segment operating margin is anticipated to be 13% to 14%, slightly higher than our April outlook.
In closing, the second quarter finished with excellent results, positive momentum and a healthy outlook for the remainder of the year.
Several growth initiatives are been driven across the organization to help advance our recovery, and position us to execute on our profitable growth strategy.
While supply chain and inflation risks are present, our teams are doing a good job mitigating the impacts, and implementing pricing actions as appropriate.
We remain confident in the strength of our end markets and our team's ability to convert that into new business opportunities.
Now, let me pass the call over to Julie Streich, our new Senior Vice President and Chief Financial Officer, for details on our quarterly performance.
Julie brings to us a highly qualified business background and proven leadership in corporate finance.
We're very happy to have you as part of our team.
I'm happy to be here and look forward to working with you and the leadership team as we accelerate the ongoing transformation of our portfolio.
It's an exciting time for Barnes and its likewise exciting to be part of cresting the go-forward story.
Let me begin with highlights of our second quarter results on Slide 6 of our supplement.
Second quarter sales were $321 million, up 36% from the prior year period, with organic sales increasing 31% and foreign exchange generating a positive impact of 5%.
As the impacts of the pandemic lessen, our well-positioned businesses are seeing recovery in almost all our end markets.
Operating income was $38.5 million versus $10.1 million a year ago.
On an adjusted basis, which excludes restructuring charges of $700,000 this year and $17.7 million last year, operating income of $39.2 million was up 41% and adjusted operating margin of 12.2% was up 40 basis points from a year ago.
Interest expense was $4.5 million, an increase of $600,000 as a result of a higher average interest rate, offset in part by lower average borrowings.
We'll see a sequentially lower average interest rate beginning in the third quarter as our debt-to-EBITDA ratio has improved, driven by the recovery in our business and active cash management.
For the quarter, our effective tax rate was 25.3%, compared with 89% in the second quarter of 2020, and 37.6% for full year 2020.
As compared to the full year 2020 rate, our second quarter tax rate is benefiting from the absence of tax expense related to the sale of the Seeger business in 2020, a net benefit related to certain foreign tax matters in the current year quarter, and a favorable mix in earnings based on tax jurisdictions.
Net income was $24.5 million or $0.48 per diluted share compared to $600,000 or $0.01 per diluted share a year ago.
On an adjusted basis, net income per share of $0.45 was up 67% from $0.27 a year ago.
Adjusted net income per share in the current quarter excludes $0.01 of restructuring charges and a net foreign tax benefit of $0.04, while the prior-year period excludes $0.26 of restructuring charges.
Now I'll turn to our segment performance, beginning with Industrial.
Second quarter Industrial sales were $235 million, up 42% from a year ago, while organic sales increased 35%.
As Patrick noted, the strong growth reflects volume increases across all our SBUs.
Favorable foreign exchange increased sales by $12.4 million or 7%.
As has been the case since June of last year, we have delivered another sequential quarter of sales improvement with second quarter sales up 7% from the first quarter of 2021.
Industrial's operating profit was $27.3 million versus an operating loss of $300,000 last year.
Excluding restructuring costs of $200,000 this year and $15.8 million last year, adjusted operating profit was $27.5 million versus $15.5 million a year ago.
Adjusted operating profit benefited from the contribution of higher organic sales volumes and the continuing impact of cost actions taken last year.
Partially offsetting these items were higher personnel costs, primarily incentive compensation, and costs incurred in support of segment growth initiatives.
Adjusted operating margin was 11.7%, up 230 basis points from a year ago.
Supply chain concerns including raw material availability, inflation, and increased freight costs continue to be a watch item.
We do have raw material escalation clauses in certain long-term contracts, and are able to price newly quoted business to account for increasing costs.
We continue to work these issues and are taking steps to mitigate our risk exposures.
In the second quarter, we experienced approximately $1.5 million of combined freight and material inflation in the Industrial segment.
For the second half of 2021, our Industrial outlook includes $2 million of inflation impacts.
Moving now to Aerospace.
Sales were $86 million, up 23% from a year ago, driven by a 37% increase in our OEM business.
Our aftermarket business which continues to be impacted by lingering effects of the global pandemic, experienced a 2% sales decrease, with MRO down 8% and spare parts up 14%.
We expect the aftermarket to sequentially improve as we move through the second half of the year.
On a sequential basis, total Aerospace sales increased 6% from the first quarter of 2021.
Operating profit was $11.3 million, an increase of 8%.
Excluding $400,000 of restructuring cost this year and $1.9 million last year, adjusted operating profit was $11.7 million, down 5%, driven by higher incentive compensation and unfavorable mix.
Adjusted operating margin was 13.5%, down 400 basis points from a year ago.
Aerospace OEM backlog ended June at $694 million, up 16% from March 2021, and we expect to ship approximately 40% of this backlog over the next year.
Moving to cash flow performance.
Year-to-date cash provided by operating activities was $86 million versus $123 million last year, with free cash flow of $68 million, down from $103 million last year.
Capital expenditures were $18 million, down $2 million from a year ago.
Year-to-date operating cash flow in 2020 saw a $48 million benefit from working capital, as cash management with a significant focus during the pandemic.
While we have seen a modest working capital improvement in the first half, we won't see the same benefit in 2021 as we did last year as business rebounds.
Regarding the balance sheet, our debt-to-EBITDA ratio as defined by our credit agreement was 2.9 times at quarter end, down from 3.1 times at the end of last quarter.
Our second quarter average diluted shares outstanding were $51.1 million.
During the second quarter under a pre-existing 10b5-1 plan, we repurchased 100,000 shares at an average price of $52.29, leaving approximately 3.6 million shares remaining available for repurchase under the Board's 2019 stock repurchase authorization.
Turning to Slide 7 of our supplement, let's discuss our updated financial outlook for 2021.
We now expect organic sales to be up 11% to 12% for the year, an increase from our prior view of up 10% to 12%, driven by strong Industrial growth.
FX is expected to have about a 2% favorable impact on sales, while divested Seeger revenues will have a small negative impact.
Adjusting op-- Adjusted operating margin is forecasted to be approximately 13%, consistent with our prior year.
We currently expect a small amount of residual restructuring charges to come through, which we will take as an adjustment to 2021 net income.
Adjusted earnings per share is expected to be in the range of $1.83 to $1.98 per share, up 12% to 21% from 2020's adjusted earnings of $1.64 per share.
Our current expectation reflects an increase at the lower end of our previous range of $1.78 to $1.98 and we expect second-half earnings per share to be weighted to the fourth quarter.
Rounding out a few other items.
Our interest expense forecast remains $16 million, while our other expense is forecast at $6.5 million, slightly less than our April outlook.
Estimated capex of $50 million, average diluted shares of $51 million and a full year tax rate of 30% are all consistent with our prior outlook.
Cash conversion is now anticipated to be greater than 110%, an increase over our prior expectation of 100%.
In closing, we continue to drive solid revenue gains across the organization and expect further improvement.
With many of our end markets demonstrating sustained recovery, our businesses are positioned to seize upon the opportunities presented by a stronger economy.
Improving financial performance, good cash generation, and a supportive balance sheet sets us up for a good second half of the year.
With a clear focus on executing our profitable growth plan, we'll continue to fund our strategic initiatives and pursue accretive acquisitions that will help us deliver superior performance over the long-term.

user
barnes group q2 adjusted earnings per share $0.45.
q2 adjusted earnings per share $0.45.
q2 gaap earnings per share $0.48.
q2 sales $321 million versus refinitiv ibes estimate of $304.2 million.
2021 adjusted earnings per share outlook of $1.83 to $1.98.2021 sales growth expectation increased to 13% to 14% with organic sales growth of 11% to 12%.

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