Manufacturing Industry
Barnes Group withdraws earnings guidance as Boeing strike continues
Airline Industry Information, Oct 2, 2008
AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD
Barnes Group Inc (NYSE: B), a company that makes aerospace and industrial components, has withdrawn its earnings guidance because of the ongoing strike by employees of Boeing Co.
The strike started on 6 September and Barnes Group said that business disruption related to the strike will affect the OEM business of Barnes Aerospace, which represents approximately 20% of Barnes Group sales.
In addition there is further uncertainty because of the effects of recent developments in the credit markets on the company's customers and a softening of the industrial base that Barnes Group serves, including the North American and European transportation markets.
President and CEO Gregory F. Milzcik said: "We firmly believe Barnes Group can deliver continued improvement in revenues and earnings per share as the business environment stabilises".
Barnes Group will announce its third quarter financial results on 31 October 2008.
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