The company has been reviewing its industrial unit business, which makes precision mechanical springs and nitrogen gas products, over the last few quarters to improve profitability.
(Reuters) - Aerospace and industrial components maker Barnes Group Inc's <B.N> quarterly profit fell 5 percent hurt by charges related to realignment of the product mix at its industrial unit and additional tax expenses, and forecast 2008 earnings below Wall Street expectations.
The company has been reviewing its industrial unit business, which makes precision mechanical springs and nitrogen gas products, over the last few quarters to improve profitability.
Fourth-quarter net income fell to $17.6 million, or 30 cents a share, from $18.5 million, or 34 cents a share, a year ago.
Excluding the reduction-in-force charge at its industrial unit and additional tax expenses, fourth-quarter adjusted net income was 38 cents a share.
!ADVERTISEMENT!Sales rose 9 percent to $358.9 million, driven by growth in its aerospace and industrial segments.
Wall Street analysts were looking for a profit of 38 cents a share, before items, on revenue of $352.5 million, according to Reuters Estimates.
Sales at the aerospace unit, which makes machine parts for jet engines, airframes, and turbines, rose 34 percent to $105.2 million in the quarter.
The company forecast 2008 earnings of $2.20 to $2.30 a share. Analysts were expecting $2.33 a share.
(Reporting by Dhanya Ann Thoppil in Bangalore; Editing by Deepak Kannan)
