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Barnes Group Inc. (NYSE: B), Bristol, CT, a diversified global manufacturer and logistical services company, reported sales for the first quarter 2010 were $278.1 million, an increase of 6 percent from the prior-year period. Profit was $11.8 million.
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"The global economic recovery is clearly in the early stages, and we remain cautiously optimistic," said President and CEO Gregory F. Milzcik. "In this environment, we remain focused on what we can control; providing exceptional quality, service, and delivery to our customers."
First-quarter 2010 sales at Logistics and Manufacturing Services were $135.3 million, down 5 percent from the year-ago period. 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.
First-quarter 2010 sales at Precision Components were $145.8 million, up 20 percent from last year. Sales growth was primarily driven by strong growth in the transportation end markets throughout North America and Europe. Sales in the aerospace original equipment manufacturing business declined slightly compared to the first quarter of 2009, though experienced sequential gains from the fourth quarter of 2009. Foreign exchange positively affected sales by $3.8 million in the first quarter. Order rates within Precision Components businesses experienced a significant increase over the prior year and outpaced sales for the second consecutive quarter, as increased activity levels within all three key end markets, transportation, industrial, and aerospace original equipment manufacturing, improved.
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