Barnes Group sales decline 28 percent
Barnes Group reported third-quarter net sales of $269 million, down 28 percent from $373 million in the prior year period.
Organic sales declined 26 percent, primarily driven by the impact of the global pandemic on the company’s end markets.
Net income for the quarter was $15.4 million, or 30 cents per diluted share, compared to $45.8 million, or 89 cents, a year ago.
Industrial segment sales were $196.9 million, down 15 percent from $231.7 million in the prior year period. Organic sales decreased 12 percent primarily related to a significant volume decrease caused by the continuing impact of the COVID-19 pandemic on automotive and industrial end markets.
Aerospace segment sales were $72.1 million, down 49 percent from $140.9 million last year as the COVID-19 pandemic suppressed global aerospace end markets. Aerospace OEM sales decreased 44 percent while aftermarket sales decreased 58 percent.
“Barnes Group delivered third quarter financial performance near the high-end of our July expectations with Industrial seeing promising signs of recovery in select end markets and Aerospace effectively managing through the significant pressures of a challenging business environment. As anticipated, the ongoing impacts of the global COVID-19 pandemic weighed on our business, although our sequential improvement and continued solid cash generation are encouraging,” said Patrick J. Dempsey, president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
