Barnes Group Inc., Bristol, CT, a diversified global manufacturer and logistical services company, reported sales of $262.2 million for the first quarter, a decline of 31.7% from first quarter 2008. Profit declined 64.6% to $11.5 million.
Sales in Logistics and Manufacturing Services were $142.7 million, down 25% from the prior year period. Operating profit decreased 43.4% to $14.5 million. The decline in sales was driven primarily by slowing demand in the transportation and industrial end markets, though foreign exchange contributed a negative $8.4 million in the quarter.
Precision Components sales fell 39% to $197.1 million. Operating profit for the first quarter was $6 million, down 76.9%.