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Barnes Group Inc., Bristol, CT, announced net sales for the quarter ended Mar. 31 were $218.7 million, up 13% from $194.2 million in the first quarter of 2002. Sales at Barnes Distribution were $93.8 million for the quarter, up 29% from $72.9 million in the same quarter last year. Of this $20.9 million increase, $19.2 million was contributed by Kar Products, purchased by Barnes Group on Feb. 6, 2003.
W.W. Grainger, Chicago, IL, reported sales in the 2003 first quarter were $1,139.3 million, up 1% from $1,125.3 million in the prior year's first quarter. Net earnings of $52.4 million versus $35.5 million were up 52%. The first quarter 2002 included a non-cash goodwill impairment charge of $24 million. Grainger's branch-based business reported sales of 1,015 billion, up 2% from the same quarter last year. U.S. sales were up 1%, with government accounts up 11% and national accounts up 4%.
Lab Safety, the direct marketer of safety and industrial products, reported sales of $71 million, a 2% decline from last year's quarter. Operating earnings for this unit were down 16%, due in large part to higher catalog media and health care-related expenses. This business participates heavily in the manufacturing sector, and its performance reflects ongoing weakness in that sector in the United States. Grainger's integrated supply sales were flat for the quarter at $57.3 million, with the fee revenue component down due to disengagements from several customers. Sales for this unit include product sales and management fees.
The Fastenal Company, Winona, MN, reported net sales for the three-month period ended Mar. 31 totaled $235.8 million, an increase of 9.9% over net sales of $214.6 million in the first quarter of 2002. The first quarter of 2002 included net sales of $5.4 million from the company's DIY business, which was disposed of in October 2002. Adjusting for the DIY business sale, growth in net sales of the remaining business was 12.8% from 2002 to 2003. Net earnings increased from $17.7 million in the first quarter of 2002 to $19.0 million in the first quarter of 2003, an increase of 7.5%. During the first quarter of 2003, Fastenal opened 36 new sites, bringing the total number of sites to 1,205. There were 4,703 site employees as of Mar. 31, a decrease of 0.8% from the start of the quarter.
Motion Industries, Birmingham, AL, subsidiary of Genuine Parts Co., Atlanta, GA, reported first quarter sales of $569.6 million in 2003, up 3.3% from net sales of $551.2 million during the same quarter last year. Motion had an operating profit of $43.2 million, up from $42.6 million during the prior year period.
Applied Industrial Technologies, Cleveland, OH, reported net sales for the third quarter ended Mar. 31 were $368.2 million, up 1.8% compared with $361.5 million in the same period a year ago. Net income for the quarter increased 62% to $4.4 million from $2.7 million last year. For the nine months ended Mar. 31, sales increased 1.4% to $1,091.9 million from $1,077.1 million in the same period last year. Net income was $12.1 million versus a loss of $1.6 million last year. The prior year's nine-month earnings included the effect of a non-cash charge of $12.1-million after tax for impaired goodwill (resulting from the initial application of SFAS 142) associated with the company's fluid power business.
Kaman Corp., Bloomfield, CT, reported first quarter sales were up 2.5% to $120.3 million in the first quarter, including $1.3 million from an acquisition made in March 2002, compared to $117.4 million a year ago. Operating profits for the Industrial Distribution segment were $2.8 million, compared to $2.6 million in the 2002 period.
Danaher Corporation, Washington, DC, announced net earnings for its first quarter ended Mar. 28 were $103.1 million, 25% higher than its 2002 first quarter net earnings, before the effect of a change in accounting principle of $82.7 million. The net loss for the 2002 first quarter, after the effect of the accounting change, was $91.0 million. Sales for the 2003 first quarter were $1,196.2 million, 19% higher than the $1,004.2 million reported for the 2002 first quarter.