Posted August 2, 2010
Barnes Group profit improves
Barnes Group reported net income of $14.8 million, or 26 cents per diluted share, compared to $10.4 million, or 19 cents per share in the second quarter of 2009.
Second quarter 2010 sales totaled $281.9 million, an increase of 10.5 percent from $255.2 million in the second quarter of 2009.
Sales at Logistics and Manufacturing Services were $138.5 million, an increase of 1 percent from $136.6 million in the same period last year. The increase was driven primarily by revenue growth in the North American distribution businesses as macro-economic conditions, including industrial production, continued to improve.
"We continue to benefit from improved economic conditions, particularly within our industrial and automotive manufacturing businesses," said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc. "Double-digit sales growth coupled with a continued focus on an efficient cost structure through lean initiatives has provided a 67 percent improvement to our operating profit this quarter."
