Barnes Group Inc., the Bristol maker of aerospace and industrial components, reported a lower quarterly profit, hurt mainly by a 23 percent fall in its precision components sales, Reuters reports.
For the third quarter, the company reported earnings from continuing operations of $10.9 million, or 20 cents a share, compared with $29.2 million, or 52 cents a share, a year ago, Reuters reported today.
Included in the results are restructuring charges of $1.7 million, the company said.
Net sales fell 22 percent to $260.3 million. Sales at precision components dropped 23 percent to $130.0 million.
Analysts on average were expecting earnings of 21 cents a share, before items, on revenue of $254.4 million, according to Thomson Reuters I/B/E/S.
The company said its debt declined 23 percent to $360.7 million from year-end 2008.
