Barnes Group Inc., the Bristol maker of aerospace and industrial components, posted fourth-quarter results weaker than expected as profits from logistics and manufacturing segment shrunk, and its 2010 forecast missed Wall Street estimates, Reuters reports.
The company, which had stopped providing outlook in June last year, forecast 2010 earnings of 85 cents to $1.05 per share. Analysts on average were expecting $1.09 a share, according to Thomson Reuters I/B/E/S.
The company also expects a 5 percent sales growth for 2010, while analysts were expecting about 6 percent growth, Reuters said.
At 11:30, Barnes was down 2 cents at $16.27.
Including the recent fourth quarter, Barnes has posted six consecutive quarters of revenue decline as a weak economy hurt its aerospace, industrial and transportation end markets. Full year 2009 sales fell 24 percent.
Barnes has cut 25 percent jobs in the last 5 quarters, frozen salaries and slashed dividend to cut costs.
“We believe that our actions to reduce costs and drive improved cash flow performance, together with some recovery in the economy, will benefit us in 2010,” CFO Christopher Stephens said in a statement.
For the fourth quarter, Barnes’ net income was $6.2 million, or 11 cents a share, compared with a loss of $11.1 million, or 21 cents a share, a year ago.
Revenue fell 3 percent to $256.5 million, missing consensus view of $259.3 million, while sales at its logistics and manufacturing services fell 12 percent to $128.6 million.
Excluding items, Barnes’ profit of 13 cents a share fell below analysts’ view of 21 cents a share.
Operating expenses for the quarter fell 16 percent to $77.4 million.
