Q3 2014 Earnings Release Supplement

1. Third Quarter 2014 Earnings Release Supplement October 24, 2014
The data in this package should be read in conjunction with Barnes Group Inc.’s earnings release and periodic filings with the SEC.

2. Forward Looking Statements
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This presentation 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. 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: difficulty maintaining relationships with employees, including unionized employees, customers, distributors, suppliers, business partners or governmental entities; failure to successfully negotiate collective bargaining agreements or potential strikes, work stoppages or other similar events; difficulties leveraging market opportunities; changes in market demand for our products and services; rapid technological and market change; the ability to protect intellectual property rights; introduction or development of new products or transfer of work; higher risks in international operations and markets; the impact of intense competition; 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 risks and uncertainties described in our periodic filings with the SEC include, among others, 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 due to a range of factors, including insourcing decisions, material changes, production schedules and volumes of specific programs; the impact of government budget and funding decisions; changes in raw material or product prices and availability; integration of acquired businesses including the Männer business; restructuring costs or savings including those related to the closure of production operations at the Company’s facility in Saline, Michigan; the continuing impact of 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 numerous other matters of a global, regional or national scale, including those of a political, economic, business, competitive, environmental, regulatory and public health nature. The Company assumes no obligation to update our forward-looking statements.
References to adjusted financial results for 2013 and 2014 are non-GAAP measures. You will find a reconciliation table on our website as part of our third quarter 2014 press release and in the Form 8-K submitted to the SEC. This supplement should be read in conjunction with this reconciliation table.

3. Q3 2014 Summary
•Sales of $318 million, up 18%, driven by Männer acquisition and Organic Sales Growth of 8%
•Adjusted Operating Income of $52.3 million, up 87%
•Adjusted Operating Margin of 16.5%, up 610 bps
•Adj. Income from Continuing Operations of $0.64 per diluted share; up 64%
•Total Company Backlog of $714 million, down 3% sequentially from Q2’14; Aerospace Backlog of $511 million, down 3% sequentially
•YTD Free Cash Flow was $78 million vs. an adjusted $74 million* last year, on increased YTD Capital Expenditures of $44 million vs. $34 million
Sales Growth
Organic
F/X
M&A
Industrial
24%
=
7%
+
-1%
+
18%
Aerospace
9%
=
9%
+
0%
+
0%
Total BGI
18%
=
8%
+
-1%
+
11%
* 2013 YTD Free Cash Flow adjusted for income tax payments related to the gain on sale of BDNA.
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4. Barnes Aftermarket RSPs & CRPs
2.43
2.45
2.49
2.57
2.77
2.89
19.6
21.0
22.3
23.4
24.2
24.5
0
5
10
15
20
25
1.0
1.5
2.0
2.5
3.0
2013
2014
2015
2016
2017
2018
Fleet Size (000s)
Estimated Shop Visits (000s)
CFM56 Family of Engines
Shop Visits
Fleet Size
0.96
0.90
0.83
0.85
0.82
0.78
3.8
3.7
3.5
3.3
3.0
2.9
0
1
2
3
4
0.4
0.6
0.8
1.0
2013
2014
2015
2016
2017
2018
Fleet Size (000s)
Estimated Shop Visits (000s)
CF6 Family of Engines
Shop Visits
Fleet Size
Revenue Sharing Programs (RSPs)
Exclusive Rights to Supply Certain Aftermarket Spare Parts to General Electric (GE)
Covers Life of CFM56 & CF6 Engines Programs
13 Agreements, Entered Between 2003 - 2007
Investment of $294M, Amortized as a Reduction of Sales
Quarterly Net Sales Can Vary Due to Inventory Management, Mix of Engines, Scope of Engine Repair, and Surplus Material for these High Margin Programs Component Repair Programs (CRPs)
Provides Licensing Rights from GE for Repair Services of Certain Critical Components which Improve Overall Engine Efficiency
Covers Life of CFM56 & CF6 Engine Programs
Allows Access to Serve Global Market as OEM Certified Repair Service
2 Agreements, Entered Between 2013 - 2014
Investment of $107M, Amortized as a Reduction of Sales
Expands Margin Profile of Aftermarket MRO Business
Sources: Shop Visit Forecast-, ICF Aug’13 for 2013; ICF May’14 for 2014-2018 Fleet Size-Aviation Week CAMRO 2013
Programs Allow Barnes Aerospace to Participate in OEM Certified Aftermarket Business
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5. 2013 & 2014 Results and 2014 Guidance
($M, except per share)
Low-End
– Strengthening of the US$
– European Economic Environment
High-End
+ Aero Aftermarket
+ Global Auto Production
Key Factors in 2014 Guidance Range Include:
(1) References to Adjusted Operating Margin and Adjusted EPS for the full-year 2013 and 2014 are non-GAAP measures. A reconciliation table is available on our website as part of our Q3 2014 press release and in
the Form 8-K submitted to the SEC.
(2) Cash Conversion – Adjusted is equal to Net Cash Provided by Operating Activities less Capital Expenditures divided by Net Income. (2013 excludes the income taxes paid and gain on sale of the BDNA disposition.)
2013
Full Year
Results
2014
September
YTD Actual
Variance
Over 2013
September
YTD Actual
2014 Full-Year
Guidance
Net Sales $ 1,092 $ 952 19% 15% to 16%
Organic Sales 6% 5% to 6%
Operating Margin % 11.3% 13.8% +270 bps -
Adjusted Operating Margin (1) 12.9% 15.2% +280 bps ~15.5%
EPS (diluted): $1.31 $1.57 +87% $2.10 - $2.15
Income from Continuing Operations
Adjusted EPS (diluted): (1) $1.83 $1.73 37% $2.30 - $2.35
Income from Continuing Operations +26% to +28%
Cash Conversion - Adjusted (2) 110% 90% ~100%
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6. Additional Information
Additional information is available at:
www.BGInc.com
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