Bristol-based Barnes Group showed a 14 percent drop in profits in the third quarter, largely a result of lower than expected deliveries and a contract termination dispute.
Income from continuing operations for the third quarter was $33.7 million, or 61 cents per diluted share, compared to $34.3 million, or 62 cents per diluted share. Net sales of $291 million were down 8 percent from $318 million.
“Barnes Group experienced a challenging quarter as overall macro-economic conditions weighed on the industrial end markets we serve tempering our outlook for the remainder of the year,” said Patrick J. Dempsey, president and CEO of Barnes Group Inc. in announcing the results. “In addition, lower than expected deliveries and a contract termination dispute in our Aerospace business impacted the quarter’s performance.