Sales in the first quarter fell seven per cent to $100.2m, with operating profits declining from $15.8m in 2014 to $12.9m in 2015.
“Operating profit was impacted by lower contributions from reduced sales in the OEM and MRO businesses,” a statement confirmed.
However, results could have been worse, with Barnes revealing that the decline in profit year on year had been “partially offset” by increased profit from its component repair programmes and spare parts business.
In publishing its Q1 results, the firm also confirmed that its backlog of orders was $542m at the end of Q1, down two per cent on 2014 figures, but four per cent higher than Q4 2014.
Patrick Dempsey, CEO of the Barnes Group, remained bullish however. “Aerospace is positioned for an expected sales ramp through the end of the year,” he said.