Engineered products and industrial technologies manufacturer Barnes Group reported its 2019 fourth quarter and full-year financial results on Friday, showing that weakened demand continued to hamper its industrial business.
Barnes posted Q4 total sales of $370 million, down approximately 4 percent year-over-year (YoY), with organic sales down by that same amount. Q4 operating profit of $61.3 million improved from $52.2 million of a year earlier, while net profit of $41 million was up from $39 million a year earlier.
For the full year, Barnes’ total 2019 sales of $1.491 billion was essentially flat compared to 2018’s $1.496 billion, while organic sales declined 2 percent. Operating profit of $236 million improved slightly from 2018’s $232 million, while net profit of $158 million dipped from $166 million of a year earlier.
“End market trends experienced throughout the year endured into the fourth quarter, as a weak global industrial manufacturing environment and lingering trade uncertainties unfavorably impacted revenues in our Industrial business, while sustained strength in Aerospace provided a partial offset,” commented Patrick Dempsey, Barnes president and CEO.
In Barnes’ Industrial segment — which manufacturers products and solutions in molding, force & motion control, automation and engineered components — Q4 sales of $231 million were down 9 percent YoY, with organic sales down 10 percent. The company said the decline was driven by softness in certain end markets, due in part to ongoing trade uncertainties. Operating profit of $30 million was up 14 percent. Industrial full-year 2019 sales of $939 million were down 6 percent from 2018, with organic sales down 8 percent. Full-year operating profit of $114 million was down 13 percent.
In Barnes’ Aerospace segment — which produces precision-machined and fabricated components and assemblies for OEM turbine engine, airframe and industrial gas turbine builders — Q4 sales of $139 million increased 8 percent YoY, with OEM sales up 7 percent. Operating profit of $31 million increased 21 percent. Aerospace full-year sales of $553 million increased 10 percent from 2019, while operating profit of $123 million jumped 21 percent.