Barnes Group Inc. (NYSE: B), Bristol, CT, an international industrial and aerospace manufacturer and service provider, reported sales for the third quarter of $291.4 million, an 8.3 percent decrease year-over-year. Organic sales decreased 5 percent. Profit decreased 0.6 percent to $33.7 million.
Aerospace sales were $102.3 million, down 7 percent year-over-year. Industrial sales were $189.1 million, down 9 percent, with organic sales down 3 percent.
Year-to-date sales were $906.9 million, down 4.7 percent over the prior-year period. Profit increased 11.6 percent to $97 million.
“Barnes Group experienced a challenging quarter as overall macro-economic conditions weighed on the industrial end markets we serve tempering our outlook for the remainder of the year,” said Patrick J. Dempsey, president & CEO. “In addition, lower than expected deliveries and a contract termination dispute in our Aerospace business impacted the quarter’s performance.”