Barnes Group Inc., Bristol, CT, recorded a loss of $10 million for the fourth quarter 2008, as compared to profit of $17.6 million for the same period 2007. Sales for the quarter declined 25% to $265.4 million.
For the full year, sales were $1.36 billion, down 4% from 2007. Profit was down 14.2% to $87 million.
Fourth quarter sales in Logistics and Manufacturing Services were $146 million, down 16% from the same period last year. Operating profit was $5.4 million, compared with $12.5 million in the fourth quarter of 2007. Sales declines were driven primarily by slowing customer demand in North American and Europe.
Full year segment sales were $691.8 million, down 2%.
Precision Component fourth quarter sales dropped 34% in …
Barnes Group Reports 4Q Loss of $10 Million
Barnes Group Inc., Bristol, CT, recorded a loss of $10 million for the fourth quarter 2008, as compared to profit of $17.6 million for the same period 2007. Sales for the quarter declined 25% to $265.4 million.
For the full year, sales were $1.36 billion, down 4% from 2007. Profit was down 14.2% to $87 million.
Fourth quarter sales in Logistics and Manufacturing Services were $146 million, down 16% from the same period last year. Operating profit was $5.4 million, compared with $12.5 million in the fourth quarter of 2007. Sales declines were driven primarily by slowing customer demand in North American and Europe.
Full year segment sales were $691.8 million, down 2%.
Precision Component fourth quarter sales dropped 34% in …
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