Barnes Group Inc., Bristol, CT, a diversified global manufacturer and logistical services company, reported sales for the second quarter 2009 were $255.2 million, down 33% from second quarter 2008. Profit declined 68.8% to $10.4 million.
For the six months ended June 30, sales were $517.4 million, down 32.2% from the prior year period. Profit declined 66.8% to $21.9 million.
“The continued economic weakness throughout the second quarter had a substantial impact on our businesses, particularly our transportation and industrial manufacturing businesses," said Gregory F. Milzcik, president and CEO. "As we have done since the beginning of the economic downturn, we continue to focus on managing our business prudently by adjusting our cost structure, driving increased productivity in our core processes, and maximizing cash flow generation."
Logistics and Manufacturing Services sales were $136.6 million in the second quarter, down 27% the same period a year ago. The decline was driven by declines across all end markets and throughout North America and Europe. Foreign exchange negatively impacted sales by $6.3 million in the second quarter. Operating profit was $12.5 million, down 49.2%.
Precision Components second-quarter sales were $120.3 million, down 39% from second quarter 2008, primarily a result of the overall global recession. Operating profit was $1.7 million, down 93.6%.
