Home » Barnes Group Reports 4Q Loss of $10 Million
Barnes Group Reports 4Q Loss of $10 Million
February 18, 2009
Barnes Group Inc., Bristol, CT, recorded a loss of $10 million for the fourth quarter 2008, as compared to profit of $17.6 million for the same period 2007. Sales for the quarter declined 25% to $265.4 million.
For the full year, sales were $1.36 billion, down 4% from 2007. Profit was down 14.2% to $87 million.
Fourth quarter sales in Logistics and Manufacturing Services were $146 million, down 16% from the same period last year. Operating profit was $5.4 million, compared with $12.5 million in the fourth quarter of 2007. Sales declines were driven primarily by slowing customer demand in North American and Europe.
Full year segment sales were $691.8 million, down 2%.
Precision Component fourth quarter sales dropped 34% in year-over-year comparison to $121.8 million. The segment recorded a loss of $3 million for the quarter. Full year sales declined 6% to $683 million.
During the fourth quarter, Barnes Group took significant actions to counter the impact of the downturn in the worldwide economy and credit markets, including realignment of its three-group reporting structure into two global business segments. In addition, the Logistics and Manufacturing Services business exited certain non-core activities within the U.K.
Barnes Group Inc. is an international aerospace and industrial components manufacturer and logistical services company.