October 1, 2008 / 10:23 PM / 10 years ago

UPDATE 1-Barnes Group withdraws full-year earnings outlook

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Oct 1 (Reuters) - Barnes Group Inc (B.N), an aerospace and industrial components maker, withdrew its earnings outlook for the full year, as it expects disruptions related to the continuing strike by machinists at its customer, Boeing Co (BA.N).

Barnes, which supplies engine nozzles to Boeing’s 787 Dreamliner aircraft through General Electric Co (GE.N), said business disruptions related to the strike will affect unit Barnes Aerospace’s original equipment manufacturing business, which represents about 20 percent of the company’s total sales.

In September, almost 27,000 Boeing workers walked off the job after the International Association of Machinists and Aerospace Workers failed to reach agreement on a new contract with Boeing.

Barnes said further uncertainty arises from the impact of the recent turmoil in credit markets on the company’s customers and a softening of the industrial base that the company serves, including the North American and European transportation markets.

Shares of Bristol, Connecticut-based Barnes closed at $19.76 Wednesday on the New York Stock Exchange. (Reporting by Mary Meyase in Bangalore; Editing by Pratish Narayanan)

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