Posted April 30, 2010
Barnes reports 6 percent sales gain
Barnes Group Inc. reported first quarter 2010 sales totaled $278.1 million, an increase of 6 percent from $262.2 million in the first quarter of 2009.
Net income of $11.8 million, or 21 cents per diluted share, compared to $11.5 million, or 22 cents per diluted share in the first quarter of 2009.
Sales at Logistics and Manufacturing Services were $135.3 million, down 5 percent from $142.7 million in the same period last year. The decline in sales was driven primarily by ongoing deferred maintenance and lower aircraft utilization within the aftermarket aerospace market. In the distribution businesses, year over year sales within North America and Europe were essentially flat. Compared to the fourth quarter 2009, the distribution businesses realized sales growth as many of the end markets served experienced increased activity levels.
