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Diversified global manufacturer and logistical services company Barnes Group Inc. (NYSE: B), Bristol, CT, No. 19 on the top 40 industrial distributors, reported sales for the second quarter were $281.9 million, an increase of 10 percent from second quarter 2009. Profit increased 42 percent to $14.8 million.
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For the six months ended June 30, sales were $560 million, up 8 percent from the same period a year ago. Profit increased 22 percent to $26.7 million.
"We continue to benefit from improved economic conditions, particularly within our industrial and automotive manufacturing businesses," said Gregory F. Milzcik, president and CEO, Barnes Group Inc. "Double-digit sales growth coupled with a continued focus on an efficient cost structure through lean initiatives has provided a 67 percent improvement to our operating profit this quarter."
Second quarter 2010 sales at Logistics and Manufacturing Services were $138.5 million, an increase of 1 percent over the same period last year. Revenue growth in the North American distribution businesses was the primarily driver for segment sales growth. European based distribution business experienced a sales decline.
Precision Components sales in the second quarter were $146.6 million, up 22 percent from the same period last year. Year-over-year sales growth continued to be driven by improved market demand primarily from increases in the industrial manufacturing businesses in North America and Europe and from improvements in the transportation industry, including automotive.