Posted February 18, 2010
Barnes Group reports 3% sales dip
Barnes Group Inc. reported income from continuing operations of $6.2 million, or 11 cents per diluted share, compared to a loss of $5.5 million, or 10 cents per share in Q4 2008.
Barnes Group's fourth quarter 2009 sales totaled $256.5 million, down 3 percent from $265.4 million in the fourth quarter of 2008.
For the full year 2009, Barnes Group achieved sales of $1.0 billion, down 24 percent from 2008. Income from continuing operations for the full year 2009 was $39.0 million and earnings per diluted share were 72 cents, compared to $92.7 million or $1.66 per diluted share in 2008.
Fourth quarter 2009 sales at Logistics and Manufacturing Services were $128.6 million, down 12 percent from $146.0 million in the same period last year. The decline in sales was driven primarily by softness in the markets served throughout North America.
"Our 2009 results were affected most by the decline in our revenues due to the global economic downturn's impact on our end markets," said Gregory F. Milzcik, president and CEO. "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."
