BRISTOL, Conn.--(BUSINESS WIRE)--Jun. 9, 2009--
Barnes Group Inc. (NYSE: B), a diversified global manufacturer and
logistical services company, today announced it is withdrawing full year
2009 earnings guidance due to increased uncertainty in the
transportation sector, which is approximately one-third of revenues, and
continued weakness in the macroeconomic environment.
“In light of the greater than anticipated macroeconomic pressures that
continue to adversely affect our business and our customers, Barnes is
withdrawing its previously issued 2009 financial guidance,” said Gregory
F. Milzcik, President and Chief Executive Officer, Barnes Group Inc.
“Challenging industry conditions, evidenced by customer plant closures,
reduced customer production schedules, and overall uncertainty in the
automotive market driven by bankruptcies and the cascading effect on
suppliers, have obscured our visibility for the coming months, impairing
our ability to forecast results for the remainder of the year with
“Our strategic actions implemented last year remain on track to deliver
targeted savings and our operations are expected to continue to generate
profitable results throughout the year. We are taking further actions to
improve efficiencies while making the necessary investments in our
business during this downturn to be well positioned for greater
profitability and competitiveness when the economy recovers,” Milzcik
Second Quarter Results Conference Call
Second quarter 2009 results will be issued on August 3, 2009 before the
markets open. The Company will conduct a conference call with investors
to discuss second quarter 2009 results at 8:30 a.m. EDT on August 3,
2009. A webcast of the live call and an archived replay will be
available on the Barnes Group investor relations link at www.BGInc.com.
Barnes Group Inc. (NYSE:B) is a diversified global manufacturer and
logistical services company focused on providing precision component
manufacturing and operating service support. Founded in 1857, the 5,100
dedicated employees at more than 60 locations worldwide are committed to
achieving consistent and sustainable profitable growth. For more
information, visit www.BGInc.com.
Barnes Group, the Critical Components People.
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.
Barnes Group Inc.
Brian D. Koppy, 860-973-2126