Barnes Group Inc (NYSE:B) Q4 2019 Earnings Conference Call - Final Transcript
Feb 21, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Barnes Group Inc. Fourth Quarter and Full Year 2019 Earnings Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.
[Operator Instructions] I would now like to hand the conference over to Bill Pitts, Director of Investor Relations. Please go ahead.
William E. Pitts
Thank you, Sharon. Good morning, and thank you for joining us for our fourth quarter and full year 2019 earnings call. With me are Barnes Group's President and Chief Executive Officer. Patrick Dempsey and Senior Vice President of Finance and Chief Financial Officer, Chris Stephens.
If you have not received a copy of our earnings press release, you can find it on the Investor Relations section of our corporate website at BGInc.com. During our call, we will be referring to the earnings release supplement slides which are also posted on our website.
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. You will find a reconciliation table on our website as part of our press release and in the Form 8-K submitted to the Securities and Exchange Commission.
Be advised that certain statements we make on today's call, both during the opening remarks and during the question-and-answer session, may be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.
Please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the Securities and Exchange Commission. These filings are available through the Investor Relations section of our corporate website at BGInc.com.
Let me now turn the call over to Patrick for opening remarks. Then Chris will provide a review of our financial results, our 2020 outlook, and progress on the three-year targets we established in 2017. After that, we'll open up the call for questions. Patrick?
Patrick J. Dempsey
Thank you, Bill, and good morning everyone. Barnes Group wrapped up 2019 with evidence that the power of our ongoing transformation has indeed changed the Company for the better. In a year where several of our industrial markets were soft, excellent performance in our Aerospace business helped Barnes Group to deliver record operating profit on total sales that were slightly lower than 2018's record level.
Across the Company, the Barnes team navigated the choppiness and delivered adjusted earnings that were among the best achieved in the Company's long history. The results are a testament to our talented management team, an engaged workforce, and the Barnes Enterprise System, which provides a solid bedrock to our operations.
For the fourth quarter, sales decreased 4%, both total and organic. Adjusted operating income increased 8% over last year's result while operating margin improved 190 basis points to 17.2%. Adjusted earnings per share were $0.86, up