Bristol aerospace manufacturer Barnes Group Inc. reported a nearly 60% drop in profits in 2020, primarily driven by the COVID-19 pandemic’s continuing effects on the commercial aerospace industry.
Disclosing its fourth-quarter and year-end earnings, Barnes said the company’s customers that serve the commercial aerospace industry are continuing to feel the squeeze of lower demand as a result of far fewer people flying due to COVID-19.
“For the fourth quarter, global aerospace end markets remained under considerable strain driven by the pandemic,” the company reported. “We continue to anticipate that our [aerospace industry] business will see muted demand.”
In an earnings report released Friday, Barnes reported $17.7 million in profits, or 35 cents per diluted share for the last three months of 2020, about 56% below the $40.9 million profit, or 80 cents per diluted share it reported in 2019’s fourth quarter.Â
For the year, Barnes’ profits dropped by just under 60% to $63.3 million, or $1.24 per diluted share; compared with 2019, when Barnes reported $158.3 million in profits.
Barnes’ sales fell by nearly 22% in the fourth quarter, with $289.1 million, compared with $370.1 million in the year-ago period. Sales for the year reached $1.1 billion, about 25% lower than 2019, when Barnes did almost $1.5 billion in sales.
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