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August 3, 2009

Barnes Group 2Q profit falls but still tops Street

Bristol aerospace and industrial parts maker Barnes Group Inc. said today that its second-quarter profit slid 69 percent as the ongoing recession pressured its transportation and industrial manufacturing operations.

The results still beat analyst estimates.

Earnings fell to $10.4 million, or 19 cents per share, from $33.5 million, or 58 cents per share, in the same quarter a year ago.

Analysts surveyed by Thomson Reuters predicted net income of 16 cents per share.

For the period ended June 30, sales slipped 33 percent to $255.2 million from $378.9 million. Analysts expected revenue of $244.4 million.

Logistics and manufacturing services revenue declined 27 percent to $136.6 million due to the stronger dollar and softer business in North America and Europe. Revenue for the precision components unit dropped 39 percent to $120.3 million.

The company's aerospace original equipment manufacturing operations posted a sales drop-off as customer inventory and production levels fell due to less activity for the GE90 engine for Boeing 777s. (AP)

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