Layoffs, plant closures to save Barnes Group $26M annually
Bristol-based aerospace manufacturer Barnes Group said Friday that its third-quarter profits declined 39% as the company continues cost-cutting efforts amid challenges from global events, inflation and recession concerns. Barnes Group said that its third quarter net income was $17 million, or 33 cents per share, compared to $27.9 million, or 55 cents per share, a year ago. On an adjusted basis, earnings per share were 49 cents, down 11% from a year ago. The company’s third quarter net sales were $315 million, down 3%, with organic sales increasing 2%.
Source: hartfordbusiness.com
