Shares Of Automotive Suppliers Fall

HARTFORD, Conn. (AP) — Shares of several auto-industry suppliers fell Monday as an analyst cut his profit estimate for Barnes Group Inc. citing the bankruptcy-protection filings by General Motors Corp. and Chrysler LLC.

Analyst Matt J. Summerville of KeyBanc Capital Markets cut his 2009 earnings estimate for Barnes, saying the Bristol, Conn., company's May 4 guidance "may not have contemplated recent Chapter 11 filings" by GM and Chrysler.

Brian Koppy, director of investor relations at Barnes Group, told The Associated Press that the company is assessing the impact of the bankruptcies, "not just by us but by all our customers."

Chrysler filed for bankruptcy protection April 30 and GM filed June 1.

Summerville cut his 2009 earnings estimate for Barnes to $1.12 per share from $1.20 per share and left his 2010 estimate unchanged at $1.35 per share.

Analysts surveyed by Thomson Reuters expect the company to earn $1.20 per share for 2009 and $1.39 per share for 2010.