Posted October 28, 2011
Barnes Group sales grow by 12 percent
Barnes Group Inc. said its third-quarter net sales grew 12 percent to $325.4 million, up from $289.9 million in the third quarter of 2010.
Net income for the quarter grew 54 percent to $23.2 million, or 41 cents per diluted share, from $15.1 million, or 27 cents per diluted share, a year earlier.
The Logistics and Manufacturing Services segment recorded sales of $151.6 million in the third quarter of 2011, up $12.7 million or 9 percent from last year's third quarter. This segment achieved $10.5 million of organic sales growth from its aerospace aftermarket and North American distribution businesses.
Operating profit at Logistics and Manufacturing Services increased 49 percent to $16.0 million, from $10.8 million in the third quarter of 2010. The increase in profitability was positively impacted by higher sales and further productivity improvements in the North American distribution businesses.
