BRISTOL, Conn.--(BUSINESS WIRE)--The Board of Directors of Barnes Group Inc. (NYSE: B) today increased the Company’s quarterly cash dividend 8 percent to thirteen cents ($0.13) per share of common stock. The dividend will be payable June 10, 2016 to shareholders of record at the close of business on May 26, 2016. The dividend increase will raise the annualized dividend payout to $0.52 per share of common stock.
“This increase in our dividend reflects our Board’s confidence in the long-term prospects for the Company,” said Patrick J. Dempsey, President and Chief Executive Officer, Barnes Group Inc. “With sustained good cash flow, a strong balance sheet, and continued execution of our profitable growth strategy, we anticipate delivering further improvements in our financial results.”
Barnes Group Inc. and its predecessor companies have paid a cash dividend to stockholders on a continuous basis since 1934.
About Barnes Group
Founded in 1857, Barnes Group Inc. (NYSE: B) is an international industrial and aerospace manufacturer and service provider, serving a wide range of end markets and customers. The highly engineered products, differentiated industrial technologies, and innovative solutions delivered by Barnes Group are used in far-reaching applications that provide transportation, manufacturing, healthcare products, and technology to the world. Barnes Group’s skilled and dedicated employees around the globe are committed to achieving consistent and sustainable profitable growth. For more information, visit www.BGInc.com.
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," "strategy," "estimate," "project," and similar terms. Among others, our expected earnings, cash flow, financial results, sales outlook and guidance are all forward-looking statements. 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: difficulties leveraging market opportunities; changes in market demand for our products and services; rapid technological and market change; 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 or consistent with projected sales per aircraft due to a range of factors; changes in raw material or product prices and availability; the continuing impact of prior acquisitions and divestitures, 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 and uninsured claims; future repurchases of common stock; future levels of indebtedness; and other risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission ("SEC") by the Company, including, among others, those in the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the Company's filings. The Company assumes no obligation to update its forward-looking statements.