Barnes Group Inc. (NYSE:B) Q4 2023 Earnings Call Transcript

Matt Summerville: Perfect, thank you for that color.

Julie K. Streich: Yeah, no worries.

Operator: Your next question comes from the line of Michael Ciarmoli from Truist Securities. Please go ahead.

Michael Ciarmoli: Hi, sorry guys. Just right back to Matt’s question to make this clear, Julie, $155 million of revenue goes away from the divestiture. And Matt was asking the op income dollar loss for the nine months. Forgetting about year-on-year, is it fair to say the $155 million was generating 4% to 5% margin, so maybe it’s a $6 million op income loss for the remaining nine months this year?

Julie K. Streich: No, I don’t think that’s the right way to be looking at it. We would be — it’s the $20 million, which would be closer to about like a 12% or 13% margin is what we would expect to see going out going out the door as a result of the divestiture.

Operator: And that’s all the time we have for questions today. I will now turn the conference over to Tom Hook, Chief Executive Officer, for closing remarks.

Thomas J. Hook: Thank you for joining our call today. It is an exciting time as we reshape the company and position Barnes for sustainable, profitable growth. We remain laser-focused on executing our strategic business transformation and delivering solid results in 2023. Might is building, and we have a clear path to drive growth, margin expansion and cash flow in 2024 which will support our commitment to reduce debt. There are multiple work streams underway across the company for improved predictable financial performance and to maximize value. Thank you for your continued interest in Barnes.

Operator: This concludes today’s conference call. Thank you for your participation, and you may now disconnect.