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Barnes Group Inc. (NYSE: B), Bristol, CT, an international aerospace and industrial manufacturing and service provider, reported sales for the first quarter 2012 were up 5 percent to $303.1 million. Income from continuing operations was $23 million.
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In the first quarter 2012, the company changed its organizational structure to align its strategic business units into three reportable business segments: Aerospace, Industrial and Distribution.
"Barnes Group's first-quarter results were a solid start to the year and in line with our expectations," said Gregory F. Milzcik, Barnes Group Inc. president and CEO. "We generated organic sales growth in each of our three operating segments, our backlog is strong and our end markets remain favorable. The overall performance creates an outlook that allows us to affirm our 2012 guidance expectation of record diluted earnings per share before all of our end markets fully recover."
First quarter 2012 sales for Aerospace were $97.3 million, up 7 percent from the prior-year period. Aftermarket and OEM businesses experienced growth. In particular the aerospace aftermarket business saw strong volumes of repair and overhaul activity.
Sales in this segment were $115.3 million, up 4 percent from the prior-year period. The sales growth was driven by increases in industrial manufacturing businesses in North America, reflecting ongoing improvement in transportation industry, including automotive. Operating profit was $10.1 million, down from last year, driven by higher costs associated with investments in new product introductions, a shift in sales mix to lower margin products, and the outsourcing of certain manufacturing processes.
First quarter 2012 sales were $93.4 million, up 4 percent. Sales growth was driven by the continued strengthening of North American distribution end-markets. Segment operating profit increased 43 percent to $8.7 million, primarily as a result of the beneficial profit impact of higher sales volumes and lower cost structures. The operating profit increase was partially offset by an unfavorable sales mix of lower margin products.