Barnes Group projects sales to drop more than 20% in Q2 for industrial units
The Bristol, Conn.-based company said first-quarter sales in its industrial businesses, which include its plastics-related units, automation, engineered components, and motion controls, fell 18 per cent to US$199.1 million.
Industrial technology and injection molding equipment supplier Barnes Group Inc. is projecting a sales drop of more than 20 per cent for the second quarter in its industrial division.
The Bristol, Conn.-based company said first-quarter sales in its industrial businesses fell 18 per cent to US$199.1 million. Those businesses include its plastics-related units, automation, engineered components, and motion controls.
The downturn in the company’s second-quarter sales is expected to hit its hot runner brands Synventive, Thermoplay and Männer, as well as mold and control systems brands Gammaflux, Priamus, Foboha, and Männer.
“First quarter 2020 business performance unfolded ahead of our expectation, as record aerospace aftermarket sales and operating profit drove the results,” Patrick J. Dempsey, Barnes Group president and CEO, said in a statement. “However, during March, as the COVID-19 pandemic spread globally, we began to experience pressure in several of our end markets. Proactive management actions in the current environment, with the safety and well-being of our employees as the highest priority, successfully kept our manufacturing locations operational to support our customers with the essential products and services we provide.”