Barnes Group sales fall 37 percent
Barnes Group reported that second quarter sales of $236 million declined 37 percent from $372 million in the prior year period.
Net income for the second quarter was $0.6 million, or 1 cent per diluted share, compared to $37.6 million, or 73 cents, a year ago.
“As expected, the severe disruption brought on by the COVID-19 pandemic significantly impacted our businesses across the globe. The aerospace industry was virtually shut down as aircraft manufacturers halted production and airlines cut flights, parked aircraft, and curtailed spending. Industrial end markets struggled as customers’ manufacturing operations were offline or operating at a fraction of their normal capacity,” said Patrick J. Dempsey, president and chief executive officer of Barnes Group Inc.
Industrial segment sales were $165.0 million, down 29 percent from $233.4 million in the prior year period. Organic sales decreased 22 percent, primarily related to a significant volume decrease caused by the impact of the COVID-19 pandemic on automotive and industrial end markets.
Aerospace segment sales were $70.5 million, down 49 percent from $138.3 million in the same period last year as the COVID-19 pandemic essentially shut down global aerospace end markets. Aerospace OEM sales decreased 52 percent, while aftermarket sales decreased 42 percent.
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