Bristol’s Barnes Group said its fourth quarter profits decreased 22.6 percent, thanks in part to falling organic sales and foreign exchange rates.
The industrial and aerospace manufacturer said its fourth quarter profits decreased 22.6 percent to $24.4 million, or 44 cents per share, compared to $31.5 million, or 57 cents per share, in the same quarter a year ago.
Annual income was up 2.5 percent. Barnes said its full-year profits totalled $121.3 million, or $2.19 per share, up from $118.3 million, or $2.12 per share, in 2014.
Patrick J. Dempsey, Barnes Group president and CEO, said lingering softness in certain industrial end-markets, and delivery shortfalls experienced in its aerospace original equipment manufacturing business weighed on its second half results.
