Barnes Group (B) Withdraws FY09 Outlook, Citing Increased Uncertainty in Transportation Sector

June 9, 2009 4:32 PM EDT

Barnes Group (NYSE: B) withdraws its FY09 guidance, citing increased uncertainty in the transportation sector. The Street was looking for FY09 EPS of $1.19 on sales of $1.10 billion.

“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 sufficient confidence.

“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 added.

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