Barnes Group Inc. (NYSE: B), Bristol, CT, a global manufacturer and logistical services company, reported sales for the third quarter 2009 were $260.3 million, down 22% from the third quarter 2008.
Barnes reported income from continuing operations of $10.9 million compared to $29.2 million in the prior-year period.
Third quarter 2009 sales at Logistics and Manufacturing Services were $131.3 million, down 22% from $168.7 million in the same period last year. The decline in sales was driven by softness in the transportation and industrial markets throughout North America and Europe. Sales declines in the aftermarket aerospace market were driven by lower aircraft utilization and deferred maintenance activities.
Third quarter sales at Precision Components were $130 million, down 23% from $168.4 million in the same period last year. The industrial manufacturing businesses in North America and Europe reported significant sales declines primarily resulting from the global recession and were most impacted by the recession’s effect on the transportation industry, most notably automotive. Sales decreased in the aerospace original equipment manufacturing business as customers reduced inventory and lowered production levels across the commercial engine portfolio.
“We have not yet seen the sustained signs of a turnaround in the global economy. The challenges posed in the third quarter were similar to what we have seen for the preceding six months in many of our end markets. However, we are optimistic about the prospects for economic improvement in 2010, so we continue to pursue internal initiatives we feel are essential to positioning Barnes Group for the future,” said Gregory F. Milzcik, president and CEO of Barnes Group Inc.
