Global Fastener News

Barnes Q1 Sales Slip

Barnes Group Inc.. reported first quarter 2002 sales were down 3% to $194.2 million and net income fell 6.8% to $6.8 million.
CEO Edmund Carpenter said the first quarter “showed the first signs of economic improvement since late 2000, although some of our end markets, such as commercial aviation and telecommunications, remain challenged.”
Sales at Associated Spring were down 1% to $75.6 million. Continued strong sales of nitrogen gas springs and acquisitions “were more than offset by continuing weak sales to customers in the telecommunications and electronics industries.”
Barnes Aerospace sales rose 1% to $47.4 million for the first quarter of 2002, thought operating profit slipped.
Sales at Barnes Distribution were down 8% to $72.9 million reflecting “continued weak economic conditions in industrial markets throughout North America and Europe.”
During the first quarter Barnes acquired retaining and snap ring manufacturer Seeger-Orbis from Trans Technology Corporation for $20 million. Seeger-Orbis, with sales of approximately $30 million annually,
is operating as a business unit of Associated Spring. Web: barnesgroupinc.com \ �2002 FastenerNews.com