Barnes Group Inc., Bristol, CT, sales for the third quarter 2006 were $322 million, up 19% from the same period last year. Profit was up 61% to $18.9 million.
For the nine months ended September 30, 2006, Barnes Group's sales were $930.8 million, up 13%. Net income increased 24% to $55.3 million.
Barnes Distribution sales were $135.4 million in the third quarter 2006, up 19% from the year-ago quarter, including $16.3 million in sales from acquisitions, primarily the KENT acquisition that closed July 31, 2006. Organic sales growth was driven by Barnes Distribution-North America as a result of double-digit sales growth in Corporate Accounts and Tier II relationships.
"Barnes Distribution will continue to focus on improving sales growth, operational performance and successfully integrating acquisitions," said Idelle K. Wolf, president, Barnes Distribution. "We are pleased with the integration of the Toolcom and SPD acquisitions, and we are looking forward to similar benefits from the KENT acquisition, led by a strong management team for our expanded European business."
Third quarter sales at Associated Spring were $112.0 million, up 12%, including $7.6 million from the recent acquisition of Heinz Hanggi GmbH, Stanztechnik. Sales in specialty operations, excluding Heinz Hanggi, increased 2%, while sales in the traditional business rose 6%, with continued improvement in operating margin.
Sales at Barnes Aerospace were up 30% to a record $77.2 million for the quarter ended Sept. 30, 2006. Sales increased 15% and 76% in the OEM and aftermarket businesses, respectively.
Orders at Barnes Aerospace were up 70% to $118.6 million in the third quarter 2006, from the prior year. Commercial orders were $68.0 million, military orders were $25.8 million, and industrial gas turbine orders were $1.1 million. Backlog at Barnes Aerospace was a record $367.7 million, up 44% from a year ago and up 37% from Dec. 31, 2005.