Barnes Distribution Sales Grow 23% in 1Q

Barnes Group, Bristol, CT, sales rose 20% to $361 million in the first quarter 2007. Profit was up 50% to $27.7 million from the year-ago period.
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Sales at Barnes Distribution were $152.5 million in the first quarter 2007, up 23% from $124.4 million in the same quarter a year ago, as a result of $22.7 million of incremental sales from the KENT acquisition and organic sales growth of $3.7 million.
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Organic sales grew in large part as a result of price increases and continued growth in Corporate and Tier II accounts. Foreign exchange positively affected sales by $1.7 million in the first quarter 2007.
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Sales at Barnes Aerospace were $91.2 million in the first quarter 2007, up 36% from the same period a year ago as original equipment manufacturer (OEM) sales increased by 26% and aftermarket sales increased by 63%.
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Barnes Aerospace generated orders of $103.7 million in the first quarter, up 43% from $72.5 million in the first quarter 2006. Commercial orders were $64 million and military orders were $10.2 million, up 49% and 15%, respectively. Order backlog was $415.6 million at the end of the first quarter 2007, up 3% from $403 million at Dec. 31, 2006.
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Strong growth in the OEM and aftermarket business continues to generate record sales and operating profit for Barnes Aerospace," said Patrick J. Dempsey, president, Barnes Aerospace. "To capitalize on strong industry fundamentals, we are increasing capacity to meet customer demand through on-going operational efficiencies and strategic capital investments."