Barnes Group Shares Fall After Guidance Withdrawn

HARTFORD, Conn. (AP) — Shares of Barnes Group Inc. fell sharply Wednesday, a day after the aerospace and industrial-components manufacturer withdrew its guidance for the year because of the recession and uncertainty in transportation markets.

Analyst Fred Buonocore of CJS Securities cut his 2009 and 2010 profit estimates for the Bristol, Conn., company and downgraded it to "Market Perform" from "Market Outperform."

He also reduced his price target to $16 from $19.

Buonocore reduced his 2009 estimate to 75 cents per share from $1.20 per share and cut his 2010 per-share earnings to $1.20 from $1.45, "reflecting a slower recovery in demand than initially anticipated."

Analysts surveyed by Thomson Reuters expect earnings this year to be $1.19 per share and $1.39 per share in 2010.

Orders expected in April and May for shipments in the third and fourth quarters did not materialize, "making it appear likely that volume trends could soften even further from current levels," Buonocore said.