Bristol-based Barnes Group Inc. posted a $10 million fourth-quarter loss today as the aerospace and industrial component maker said it was hurt by the weakening economy, the strike at Boeing Co. last year and restructuring and other charges.
For the quarter ended Dec. 31, Barnes said it lost 19 cents per share. It earned $17.6 million, or 30 cents per share, a year earlier.
Excluding a charge of $14.3 million related to costs for work force cuts, transfer of work and the valuation of certain tax assets, adjusted income from continuing operations was 19 cents per share.
Analysts surveyed by Thomson Reuters expected a profit of 11 cents on revenue of $282.2 million. Analysts typically exclude special items from their estimates.
Quarterly revenue fell 25 percent to $265.4 million.
Gregory F. Milzcik, president and CEO, said the financial benefits of the company’s actions to streamline operations were “adversely impacted by the severe downturn in the global economy.”
Fourth-quarter sales at the company’s precision components unit were $121.8 million, down 34 percent from the same period in 2007 due to deteriorating global industrial demand, particularly in transportation and consumer products and the impact of the Boeing strike, Barnes Group said.
Net income for the year was $87 million, or $1.56 per share, down 14 percent from $101.3 million, or $1.76 per share, in 2007.
Adjusted income from continuing operations was $1.99 per share. Wall Street had expected a profit of $1.83 per share.
Revenue for 2008 was $1.36 billion, down 4 percent from $1.4 billion in 2007.
For 2009, the company said it expects profit to be between $1.20 and $1.50 per share, which is within the range of Wall Street expectations. Analysts surveyed by Thomson Reuters expect earnings per share for this year to be $1.36.
Barnes Group said its focus this year is to maximize cash flow and improving operating performance to better handle slowing demand.
At 11 a.m., Barnes traded at $11.66, up $1.37, or 13.3 percent. (AP)
