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Text: Our discussion today includes certain non-GAAP financial measures, which provide additional information we believe is helpful to 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.
The resiliency of Barnes Group was apparent once again this quarter as we grew sequential revenues for the second consecutive quarter and delivered adjusted earnings per share above the high end of our October outlook.
Given the historic challenges resulting from the global pandemic for most of 2020, I'm very proud of the many contributions of our 5,000 employees across the globe who stepped up to the challenge by going above and beyond to meet the needs of our customers and support our communities.
And while I am happy with our performance, given the significance of the disruption, we at Barnes Group, remain mindful and respectful of the personal and social hardships caused by the pandemic across the world.
From the onset, our response to the pandemic was structured around four phases.
First and foremost, the health and safety of our employees.
Second, adjusting the business for the stark realities of lower demand.
Third, anticipating and adapting to structural shifts in some of our end markets.
And fourth, making key strategic investments to position Barnes Group for an economic recovery.
While we moved our current -- while we have moved our current focus to Phase 4, we have not lost sight of the first three phases as they continue to be important.
Through 2020, one thing that has remained unchanged is our vision to be a leading global provider of highly engineered products, differentiated industrial technologies and innovative solutions serving our diversified end markets.
For the fourth quarter, organic sales were down 21%, primarily as a result of lower volumes given the pandemics' continuing impact on our end markets, especially at Aerospace.
The fourth quarter saw a 7% increase over the third quarter with both segments generating sequential sales improvement.
Adjusted earnings per share were $0.36, down 58% from last year.
Though, as mentioned, just above the high end of our October outlook.
Looking at the full-year, organic sales were down 22%, while adjusted earnings per share were $1.64, down nearly 50% from a year ago.
As difficult as those numbers are, early cost actions and a focus on cash generation, allowed us to maintain double-digit margins, positive earnings and strong cash flow throughout the year.
As we turn the page on 2020, our mindset is shifting and our focus has returned to driving growth, both organically and through acquisitions.
With a keen focus on our strategic filters, we continue to explore enabling technologies and market-leading businesses that would complement our current portfolio with several potential targets in the pipeline being analyzed.
We remain enthusiastic in our pursuit of value adding transactions, that strategically advance our transformation.
More immediately, an emphasis on organic investments will target growth-orientated capital expenditures, research and development efforts and further build out of our newly established innovation hub capabilities.
While these investments will influence margins in the short-term, they are instrumental to position the Company more favorably for the long run.
It's my expectation that we'll be talking frequently about our innovation and digital initiatives as we progress through 2021.
Moving now to a discussion of end market dynamics, beginning with Industrial.
At Industrial, we see the continuation of favorable trends discussed on our last call.
Manufacturing PMIs in our major geographic markets remain strong and correspondingly, we've seen fourth quarter organic orders at Industrial grow 10% over a year ago.
Sequential Industrial orders were up 9% over the third quarter and segment book-to-bill was slightly better than 1 times.
So, as we think about our Industrial expectations for the upcoming year, we feel bullish about the prospects for this part of our business.
Molding Solutions generated very strong orders in medical end markets, both year-over-year and sequentially, each with well over 50% growth.
Medical sales lagged a bit in the quarter given a very challenging comparable and the timing of deliveries.
We see that is normal given the nature of this business and expect sales to bounce back by the second quarter.
Packaging orders were very strong on both a year-over-year and sequential basis.
Sales were up over 20% from a year ago.
Meanwhile, personal care orders took a dip in the quarter and sales were slightly down versus a year ago.
However, sequential sales were strong increasing over 20%.
Our Synventive business, which is predominantly automotive hot runners, saw a modest increase in orders, both year-over-year and sequentially.
Although sales were relatively flat to a year ago, they were up 20% sequentially.
All-in, our expectations for 2021 is organic sales growth to be up in the low-double digits for Molding Solutions.
Sheet metal forming markets also continue to see a rebound, as Force & Motion Control orders were up high-single digits over last year and up high-teens over the third quarter.
While sales were down modestly from a year ago, sequential sales were up in the high-single digits.
We forecast Force & Motion Control to generate organic sales growth in the low-double digits for 2021.
At Engineered Components, organic orders were up nearly 20% on a year-over-year basis, with organic sales up mid-single digits versus a year ago.
Total sales were up high-single digits sequentially, continuing a rebound that we've seen over the last couple of quarters.
With General Industrial Markets on the upswing and global automotive production forecasted to be up meaningfully in 2021, we anticipate Engineered Components to grow high-single digits organically.
That said, we are very mindful about the current impact semiconductor shortages are having on automotive production and we will monitor that situation carefully as it unfolds.
Looking next at our Automation business.
It continues to demonstrate signs of a positive rebound as mid-single-digit orders growth over a year ago and third quarter were achieved.
Total sales growth was strong with both year-over-year and sequential growth of 20%.
Like last quarter, demand for our end-of-arm tooling solutions in automotive, and medical and pharma applications remain solid.
We expect 2021 to deliver low-double-digit organic growth as these markets remain healthy and as we launch new innovative products.
Speaking of new products, as I mentioned earlier, our investments in innovation and R&D are aimed at providing a solid foundation for organic growth.
As an example, we recently launched our comprehensive vacuum solutions product line with complete gripping solutions, advanced control systems and high-quality components.
The vacuum product range consists of about 1,100 items, including high-performance suction cups, vacuum pumps, sensors and related accessories that allow our customers to handle different objects in various industrial sectors with low energy consumption and reduce downtime.
Overall, for the Industrial segment, we see 2021 organic growth in the low-double-digit range with adjusted operating margins of 12% to 14%.
Moving now to our Aerospace business.
For the fourth quarter, Barnes Aerospace sales were down nearly 40% at OEM and nearly 50% in the aftermarket from the prior year.
Not surprising as commercial aviation remains significantly disrupted by the global pandemic, our outlook for Aerospace is certainly not as bullish as for our Industrial businesses.
That being said, we continue to believe the trough quarter of sales is behind us.
With OEM, production levels of narrow-body aircraft are expected to improve from here modestly, although wide-bodies will remain pressured.
The journey back to pre-COVID levels will most likely take a few years.
The OEM silver lining for the fourth quarter was book-to-bill of 1.6 times relative -- reflective of the strongest orders quarter since the third quarter of 2019.
One last point on our Aerospace business, OEM business, in particular, our estimates of OEM sales per aircraft for our major programs are unchanged from our prior view except for the 737 MAX.
With the award of the long-term agreement with GE Aviation on the LEAP program, mentioned on last quarter's call, we now forecast approximately $100,000 of sales per aircraft, up from our previous estimate of $50,000.
For the aftermarket, many of the factors discussed last quarter, lower aircraft utilization, weakened airline profitability and government imposed travel restrictions are still affecting the industry.
Recovery will require more widespread vaccine distribution, allowing people to feel more comfortable about flying, combined with the lifting of the various travel restrictions that currently exist.
Only then will we see commercial flights return in earnest, likely led by domestic travel, while international flights are expected to take a little longer to resume.
Until then, we anticipate aftermarket volume to remain pressured.
However, we do expect aftermarket activity to gradually improve beginning in the second half of 2021.
With that as the backdrop, for 2021, we see OEM sales up mid-single digits over 2020, with MRO down mid-single digits and spare parts down in the mid-teens.
We anticipate 2021 segment operating margin to be in the range of 13% to 14%, surely compressed by the lower aftermarket expectation.
In line with our continued focus on addressing the various topics of interest to our stakeholders, you may recall that last quarter on the topic of ESG, I took a few moments to address our commitment to make Barnes Group a more sustainable, socially responsible and diverse and inclusive Company.
While we've made great progress, there's definitely more work to be done.
Related to our ESG efforts, I'm proud to highlight that Barnes Group was recently named as one of America's Most Responsible Companies by Newsweek.
This acknowledgment is a testament to our employees across the globe who embrace our Barnes Group values each and every day.
So, to conclude, the extraordinary disruption in 2020 required many businesses to play defense, including Barnes Group, securing employee safety, keeping our essential operations running, adjusting to the lower demand -- levels of demand, focusing on costs and preserving liquidity were of paramount importance.
Given the circumstances, the financial results achieved are indicative of the quick and decisive actions taken by the strong leadership team and talented workforce at Burns.
With the arrival of 2021, we now turn to a more offense minded view, increasing our investments in innovation, research and development and growth programs across the enterprise.
While the high level of economic uncertainty still exists, we are squarely focused on controlling our own destiny, seeking out new opportunities and setting the Company up for long-term profitable growth.
Let me begin with highlights of our fourth quarter results on Slide 4 of our supplement.
Fourth quarter sales were $289 million, down 22% from the prior year period, with organic sales declining 21% as continuing impacts from the pandemic affect our end markets.
The diversified Seeger business had a negative impact of 3% on our net sales for the fourth quarter, while FX positively impacted sales by 3%.
Operating income was $32.7 million versus $61.3 million a year ago.
Adjusted operating income was $32.9 million this year, down 48% from $63.5 million last year.
Adjusted operating margin of 11.4% decreased 580 bps.
Net income was $17.7 million, or $0.35 per diluted share, compared to $41 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 an $0.86 a year ago.
Adjusted net income per share in the fourth quarter of 2020 excludes $0.01 of residual restructuring charges from previously announced actions with most of the impact reflected in other expense not operating profit.
For the fourth quarter of 2019, adjusted net income excludes a favorable $0.05 adjustment related to the finalization of Gimatic short-term purchase accounting and an $0.11 non-cash impairment charge related to the divestiture of Seeger, both in our Industrial segment.
Moving to 2020 full-year highlights on Slide 5 of our supplement.
Sales were $1.1 billion, down 25% from the prior year.
Organic sales were down 22% for the year.
The Seeger divestiture negatively impacted sales by 3%, while FX had a minimal positive impact.
Operating income was $123.4 million versus $236.4 million a year ago.
On an adjusted basis, operating income was $144 million this year versus $244.1 million last year, a decrease of 41%.
Adjusted operating margin decreased 360 bps to 12.8%.
For the year 2020, interest expense was approximately $15.9 million, a decrease of $4.7 million as a result of lower average borrowings and lower average interest rates.
Other expense was $5.9 million, a decrease of $3 million, primarily as a result of lower FX losses this year as compared to last year, partially offset by higher 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 decline 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 or guilty tax on foreign earnings in the US and tax charges related to prior year's stock awards.
For 2020, net income 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 earnings per share for 2020 excludes $0.27 of restructuring costs and $0.13 of Seeger divestiture adjustments.
While 2019 adjusted earnings 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.
Turning to our segment performance, beginning with Industrial.
Fourth quarter sales were $209 million, down 9% from a year ago.
Organic sales decreased 8%.
Seeger divested revenues had a negative impact of 5%, while favorable FX increased sales by 4%.
Sequential sales were up 6% from the third quarter.
Industrial's operating profit for the fourth quarter was $24.5 million versus $30.2 million last year.
As has been the consistent theme since the second quarter, the primary driver is lower sales volume, offset in part by our cost mitigation efforts.
On an adjusted basis, which excludes a small amount of restructuring charges and Seeger divestiture adjustments, fourth quarter operating income was down 24% to $24.7 million and adjusted operating margin was down 230 bps to 11.8%.
For the year, Industrial sales were $770 million, down 18% from $939 million a year ago, with organic sales down 14%.
The Seeger divestiture had an unfavorable sales impact of 5%, while favorable foreign exchange had a positive impact of 1%.
Operating profit of $66.6 million was down 42% from the prior year.
On an adjusted basis, operating profit was $85 million, a decrease of 30% from last year.
Adjusted operating margin was 11%, down 200 bps.
Sales were $80 million for the quarter, down 43% from last year and operating profit was $8.2 million, down 74%, primarily driven by the lower sales volume.
Operating margin was 10.2% as compared to 22.3% a year ago.
All-in, especially considering the meaningful decline in the high-margin aftermarket, the Aerospace team continues to respond well in a challenged environment.
For the full-year, Aerospace sales were $354 million, down 36% from a record $553 million a year ago.
Operating profit was $56.8 million, down 54% from last year's record $122.5 million.
On an adjusted basis, which excludes $2.3 million in 2020 restructure charges, operating profit was $59 million and adjusted operating margin was 16.7%.
Aerospace OEM backlog ended the quarter at $572 million, up 7% from the third quarter and we expect to ship approximately 45% of this backlog in 2021.
2020 cash provided by operating activities was $215 million, a decrease of approximately $33 million versus last year.
Nonetheless, solid performance in the current environment, given our focus on driving working capital improvement.
Free cash flow was $175 million versus $195 million last year and capital expenditures of $41 million were down approximately $13 million from a year ago.
Regarding the balance sheet, our debt-to-EBITDA ratio, as defined by our credit agreement, was approximately 3 times at quarter end.
The Company is in full compliance with all covenants of our credit agreements and maintained adequate liquidity to fund operations.
As a reminder, the Company amended on a temporary basis, the debt limits allowed under our credit agreement.
Through the third quarter of 2021, our senior debt covenant maximum, our most restrictive covenant, has increased from 3.25 times EBITDA, as defined, to 3.75 times.
We anticipate leverage to peak with our first quarter 2021 results, though, well below the amended covenant level.
Our fourth quarter average diluted shares outstanding was 51 million shares and our share repurchase activity remains suspended.
Turning to Slide 6 of our supplement, let's now discuss our initial outlook for 2021.
We expect organic sales to be up 6% to 8% for the year.
FX is not expected to have a meaningful impact.
Adjusted operating margin is forecasted to be between 12% and 14%.
We expect a couple of pennies worth of residual restructuring charges to come through, likely split evenly in the first and second quarters.
Adjusted earnings per share is expected to be in the range of $1.65 to $1.90, approximately flat to up 16% from 2020's adjusted earnings of $1.64 per share.
We do see a higher weighting of adjusted earnings per share in the second half with a 40% first half, 60% second half split.
In particular, we see the first quarter of 2021 being the low quarterly point, given delivery schedules in our longer cycle business in the range of $0.27 to $0.32, significantly lower than last year's strong first quarter.
A few other outlook items.
Interest expense is anticipated to be between $16.5 million and $17 million.
Other expense approximately $8.5 million driven by pension, and effective tax rate of approximately 30%.
Capex of $55 million.
Average diluted shares of approximately 51 million shares and cash conversion of over 100%.
To close, 2020 certainly was historic in terms of business disruption.
The Barnes Group team rose to the occasion to rapidly adapt to the realities of the economic environment with a focus on cost management and cash generation.
As Patrick mentioned, it's now time to shift our mindset to growth with necessary investments in key initiatives like innovation and digital that are targeted to help us accelerate through the anticipated recovery.
Our balance sheet is supportive of such investments and our sales volume and, as our sales volume returns, we expect further margin expansion as well.

user
barnes group q4 gaap earnings per share $0.35.
q4 adjusted earnings per share $0.36.
q4 gaap earnings per share $0.35.
q4 sales $289 million versus refinitiv ibes estimate of $282.8 million.
sees 2021 organic sales growth of +6% to +8%.
sees 2021 adjusted earnings per share of $1.65 to $1.90; approximately flat to up 16% from 2020 adjusted eps.
barnes group - as 2021 unfolds, anticipate organic revenue growth to return for industrial business, while aerospace is expected to remain pressured.

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