|11/04/13 at 4:30 p.m. ET|
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|Barnes Group Inc. Responds to Ongoing Boeing Labor Strike|
-- Third Quarter 2008 earnings release scheduled for October 31, 2008
BRISTOL, Conn.--(BUSINESS WIRE)--
Barnes Group Inc. (NYSE: B), a leading international aerospace and industrial components manufacturer and full-service distribution company, today announced that the Company is withdrawing earnings guidance for the full year. Barnes Group anticipates disruption as a result of the continuing International Association of Machinists (IAM) strike at the Boeing Company. The business disruption related to the strike will affect Barnes Aerospace's Original Equipment Manufacturing (OEM) business that represents approximately 20 percent of Barnes Group sales and includes a diverse mix of all major engine and aircraft manufacturers for both the commercial and military markets. Barnes Aerospace's aftermarket business is not affected by the strike.
Further uncertainty arises from the effects of recent developments in the credit markets on the Company's customers and a softening of the industrial base that the Company serves, including the North American and European transportation markets.
"We firmly believe Barnes Group can deliver continued improvement in revenues and earnings per share as the business environment stabilizes," said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc. "Our market positions across many product and customer markets provide favorable long-term prospects though current events are distorting our near-term view for the balance of 2008. Barnes Group's diverse and global end markets are our greatest strength during these dynamic times," added Milzcik.
Third quarter 2008 results will be announced on Friday, October 31, 2008, before the market opens, and the third quarter 2008 results conference call will begin at 8:30 a.m. EDT on that day. The public may access the conference through a live audio web cast available on Barnes Group's investor relations link on the Internet at www.BGInc.com.
The web cast is also being distributed over Thomson/CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through Thomson/CCBN's individual investor center at www.companyboardroom.com or by visiting any of the investor sites in Thomson/CCBN's Individual Investor Network. Institutional investors can access the call via Thomson/CCBN's password-protected event management site, StreetEvents (www.streetevents.com).
Barnes Group Inc. (NYSE:B) is an international aerospace and industrial components manufacturer and full-service distribution company focused on achieving consistent, sustainable, and predictable results. Founded in 1857, Barnes Group consists of three businesses: Barnes Aerospace, Barnes Distribution and Barnes Industrial. More than 6,200 dedicated employees at more than 70 locations worldwide contribute to Barnes Group Inc.'s success. For more information, visit www.BGInc.com.
This release may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements are made based upon management's good faith expectations and beliefs concerning future developments and their potential effect upon the Company and can be identified by the use of words such as "anticipated," "believe," "expect," "plans," "strategy," "estimate," "project," and other words of similar meaning in connection with a discussion of future operating or financial performance. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. The risks and uncertainties, which are described in our periodic filings with the Securities and Exchange Commission, include, among others, uncertainties arising from the behavior of financial markets; future financial performance of the industries or customers that we serve; changes in market demand for our products and services; integration of acquired businesses; changes in raw material prices and availability; our dependence upon revenues and earnings from a small number of significant customers; uninsured claims; and numerous other matters of global, regional or national scale, including those of a political, economic, business, competitive, regulatory and public health nature. The Company assumes no obligation to update our forward-looking statements.
Source: Barnes Group Inc.