Posted April 24, 2020

Barnes Group sales decline 12 percent

Barnes Group's first quarter 2020 net sales of $331 million were down 12 percent from $377 million in the prior year period, with organic sales declining 8 percent.

Net income for the first quarter was $29.7 million, or 58 cents per diluted share, compared to $34.0 million, or 65 cents, a year ago.

Industrial segment sales were $199.1 million, down 18 percent from $242.5 million in the prior year period. Organic sales decreased approximately 12 percent primarily related to a volume decrease from continued softness in certain end markets, the impact of the COVID-19 pandemic, and the absence of a $2.6 million commercial settlement of a patent-related matter recorded last year. 

Aerospace segment sales were $131.6 million, down 2 percent from $134.2 million in the same period last year.

“First quarter 2020 business performance unfolded ahead of our expectation, as record aerospace aftermarket sales and operating profit drove the results. However, during March, as the COVID-19 pandemic spread globally, we began to experience pressure in several of our end markets,” said Patrick J. Dempsey, president and chief executive officer. “Proactive management actions in the current environment, with the safety and well-being of our employees as the highest priority, successfully kept our manufacturing locations operational to support our customers with the essential products and services we provide,” added Dempsey.