Barnes Group withdraws 2009 guidance

BRISTOL, Conn. (AP) — Aerospace and transportation equipment manufacturer Barnes Group Inc. said Tuesday that it is withdrawing its 2009 earnings guidance because of uncertainty in the transportation sector and the overall poor economic climate.

The company said in May that it expected to make $1.20 to $1.35 per share for the year. It did not offer any updated estimate while announcing plans to pull that guidance.

Analysts polled by Thomson Reuters expected 2009 earnings of $1.19 per share.

Barnes said problems in transportation sectors like the automotive industry, which make up a third of company revenues, have made it difficult to predict how the company will fare during the rest of the year.

"Challenging industry conditions, evidenced by customer plant closures, reduced customer production schedules, and overall uncertainty in the automotive market driven by bankruptcies and the cascading effect on suppliers, have obscured our visibility for the coming months," said Gregory Milzcik, Barnes' chief executive.

Shares of Barnes fell $1.23, or 7.7 percent, to $14.71 in aftermarket trading.