Revenue during the quarter grew 12.94 percent to $324.17 million from $287.03 million in the previous year period. Gross margin for the quarter expanded 167 basis points over the previous year period to 35.75 percent. Total expenses were 84.15 percent of quarterly revenues, down from 89.51 percent for the same period last year. This has led to an improvement of 536 basis points in operating margin to 15.85 percent.

Operating income for the quarter was $51.37 million, compared with $30.10 million in the previous year period.

However, the adjusted operating income for the quarter stood at $51.78 million compared to $44.47 million in the prior year period. At the same time, adjusted operating margin improved 48 basis points in the quarter to 15.97 percent from 15.49 percent in the last year period.

"Barnes Group made great progress in 2016 on our transformational journey to position the Company as a leading global provider of engineered products and innovative solutions," said Patrick J. Dempsey, president and chief executive officer of Barnes Group Inc. "Our three strategic enablers the Barnes Enterprise System, Innovation, and Talent Management System were instrumental in helping us further strengthen our competitive advantage during the year, and they will empower our long-term growth and success as we move forward."

For fiscal year 2017, Barnes Group Inc. projects revenue to grow in the range of 6 percent to 8 percent. It projects operating income to grow in the range of 16 percent to 17 percent. It forecasts diluted earnings per share to be in the range of $2.58 to $2.73. It forecasts diluted earnings per share to be in the range of $2.61 to $2.76 on adjusted basis for the same period.

The company has spent $179.51 million cash to meet investing activities during the year as against cash outgo of $115.49 million in the last year. It has incurred net capital expenditure of $46.80 million on net basis during the year, up 10.01 percent or $4.26 million from year ago.

The company has spent $53.31 million cash to carry out financing activities during the year as against cash outgo of $59.17 million in the last year period.

Cash and cash equivalents stood at $66.45 million as on Dec. 31, 2016, down 20.83 percent or $17.48 million from $83.93 million on Dec. 31, 2015.

Working capital declines
Barnes Group Inc. has witnessed a decline in the working capital over the last year. It stood at $306.61 million as at Dec. 31, 2016, down 14.60 percent or $52.43 million from $359.04 million on Dec. 31, 2015. Current ratio was at 2.02 as on Dec. 31, 2016, down from 2.42 on Dec. 31, 2015.

Debt comes down marginally
Barnes Group Inc. has recorded a decline in total debt over the last one year. It stood at $500.95 million as on Dec. 31, 2016, down 1.76 percent or $8.95 million from $509.91 million on Dec. 31, 2015. Total debt was 23.44 percent of total assets as on Dec. 31, 2016, compared with 24.73 percent on Dec. 31, 2015. Debt to equity ratio was at 0.43 as on Dec. 31, 2016, down from 0.45 as on Dec. 31, 2015. Interest coverage ratio improved to 16.81 for the quarter from 10.93 for the same period last year.