(RTTNews) - Friday, Barnes Group Inc.(B: News ), a manufacturing and logistical services company, reported 60.8% drop in profits for the third quarter, as revenues fell 22% reflecting lower operating margins and lackluster performance across its segments. The Stock is currently down more than 7% at higher than average volume on the NYSE.

Barnes Group's net income for the quarter declined to $10.9 or $0.20 per share from $27.8 million or $0.49 per share in the comparable quarter last year. Results for the quarter include restructuring charges of $1.7 million.

In the prior year, the company had recorded an income from continuing operations of $29.2 million, or $0.52 per share in the prior year quarter.

On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter was $260.3 million, down 22% from $333.8 million in the prior-year quarter,driven by softness in the transportation and industrial markets throughout North America and Europe resulting from the global recession. Five analysts expected revenues of $254.44 million for the quarter.
For the recent quarter, the company posted an income tax benefit of $373 thousand, meanwhile recorded an income tax expense of $7.07 million last year. Operating income plunged to $14.56 million from $42.61 million last year and operating margin for the quarter was 5.6%, down from 12.8% in the prior year.

On a segmental basis, sales at logistics and manufacturing services fell 22% to $131.3 million from $168.7 million and precision components sales was $130 million, down 23% from $168.4 million in the prior-year quarter.

For the nine months ended, net income was $32.79 million or $0.61 per share compared with $93.70 million or $1.65 per share in the year-ago period. Year-to-date revenue decreased to $777.69 million from $1.096 billion last year.

Barnes group is currently trading at $16.03, down $1.21 or 7.01% on a volume of 1.00 million shares on the NYSE.

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by RTT Staff Writer

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