Barnes Group Inc. (NYSE: B), Bristol, CT, a diversified global manufacturer and logistical services company, reported sales for 2009 were $1 billion, down 24% from 2008. Income from continuing operations for the full year was $39 million.
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Barnes Group’s fourth quarter 2009 sales were $256.5 million, down 3% from $265.4 million in the fourth quarter of 2008.
“Our 2009 results were affected most by the decline in our revenues due to the global economic downturn’s impact on our end markets. We believe the steps we took to deal with the recession have effectively adjusted our cost structure to enhance our profitability at lower volumes and provide incremental profits on revenue gains. Throughout 2010, we will continue to focus on maintaining our financial discipline, as we shift the Company’s attention toward profitable sales growth. Our efforts will enable us to successfully transition from the depressed market conditions of 2009 to more favorable conditions this year and further growth in 2011,” said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc.
Logistics and Manufacturing Services sales in the fourth quarter were $128.6 million, down 12% in the same period last year. The decline in sales was driven by softness in the markets in North America. Additionally, sales declines in the aftermarket aerospace market were driven by lower aircraft utilization and deferred maintenance. Operating profit was $5.2 million.
2009 sales at Logistics and Manufacturing Services were $539.1 million, down 22.1%. Operating profit was $44 million.
Precision Components sales for the fourth quarter were $129.9 million, up 7% due to strength in end markets, particularly transportation. Overall orders for the fourth quarter outpaced sales. Operating profit was $6.2 million.
Full year sales for Precision Components were $501.5 million, down 27% from 2008. Operating profit was down 76%. The decline in operating profit was attributable to sharp declines in demand within the transportation and industrial end-markets and the impact of employee reductions and facility consolidations taken throughout 2009 to address the market deterioration.
