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Barnes Group Inc. (NYSE: B), Bristol, CT, No. 19 on MDM's list of the top 40 industrial distributors and a diversified global manufacturer and logistical services company, reported sales for 2010 were $1.13 billion, up 9.6 percent over sales in 2009. Profit increased 36.7 percent to $53.3 million.
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For the fourth quarter, sales were $283.3 million, up 10.4 percent from the same period a year ago. Profit increased 85.5 percent to $11.5 million.
Fourth quarter 2010 sales for Logistics and Manufacturing Services were $135.8 million, up 6 percent from the same period last year. The increase in sales was driven by growth in the North American distribution businesses and modest improvement in the aerospace aftermarket business.
Sales in the European-based distribution business were flat net of foreign exchange. Foreign currency translation negatively impacted fourth quarter 2010 sales by $1.8 million.
Operating profit of $7.6 million for the fourth quarter of 2010 was up 47 percent, primarily due to an increase in sales volumes from the North American distribution businesses, and to a lesser extent the aerospace aftermarket, and was partially offset by higher product and employee-related costs.
Full year 2010 sales were $548.5 million, up 2 percent from sales in 2009, primarily a result of organic sales growth from end-market improvements in the North American distribution businesses. Aerospace aftermarket sales decreased from 2009 reflecting the continued trend of deferred maintenance. Foreign currency translation negatively impacted sales of $1.1 million in 2010.
Full year 2010 operating profit decreased 16 percent to $36.9 million from 2009 primarily due to lower sales from the aerospace aftermarket business, continued investments to benefit sales force productivity in the distribution businesses, and the impact of higher product and employee-related costs. The segment benefited from volume increase from the North American distribution businesses as industrial and automotive end-markets showed improvements from 2009.
Precision Components fourth quarter sales were $149.5 million, up 15 percent from the same period last year, primarily a result of continued improving market conditions in industrial manufacturing and transportation businesses based in North America and Europe.
Sales in the aerospace original equipment manufacturing business were relatively flat compared to the fourth quarter of 2009. Foreign exchange negatively affected sales by $1.3 million in the fourth quarter.
Operating profit for the fourth quarter of 2010 was $10.7 million, up 74 percent primarily as a result of an increase in sales volumes from the industrial manufacturing and transportation businesses based in North America and Europe and lower cost structures.
Full year 2010 sales were $595.9 million, up 19 percent from 2009. The increase was primarily a result of increased sales in the industrial manufacturing businesses based in North America and Europe as well as general market improvements in the transportation industry, including automotive. Sales in the aerospace OEM business were relatively flat in 2010 compared to 2009. The impact of foreign currency translation increased sales by approximately $0.7 million in 2010.
Full year 2010 operating profit was $49.6 million compared to $16.6 million in 2009, due primarily to the profit impact of higher sales levels, lower cost structures resulting from previous actions and lean initiatives.