Posted April 29, 2011
Barnes Group sales up 15%
Barnes Group said its net sales grew 15 percent to $318.8 million from $278.1 million in the first quarter of 2010.
Net income for the first quarter was up 61 percent to $19.1 million, or 34 cents per diluted share, from $11.8 million, or 21 cents per diluted share, a year earlier.
The Logistics and Manufacturing Services group's net sales were $150.0 million, up 11 percent from $135.3 million in the same period last year. This growth was driven by strengthening end-market demand in the company's North American distribution businesses and increased overhaul and repair activity in the aerospace aftermarket business.
"Barnes Group's first quarter of 2011 was a good start to the year," said Gregory F. Milzcik, president and chief executive officer. "We delivered solid improvements in net sales, operating margin, net income and earnings per share, while continuing to strengthen our position in attractive and growing end-markets around the world. These results demonstrate positive and building momentum from our ongoing growth and profitability initiatives."
