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Barnes Group Inc. (NYSE: B), Bristol, CT, an international industrial and aerospace manufacturer and service provider, reported sales of $375 million for the second quarter of 2018, up 3% compared to the prior-year period. The company reported net income of $49.4 million for the quarter.
Sales in its industrial segment were $249.6 million, down 1 percent compared to the prior-year period. Sales in its aerospace segment were $125.7 million, up 12 percent compared to the prior-year period. Aerospace original equipment manufacturing sales increased 7 percent while aftermarket sales increased 21 percent from continuing growth in maintenance, repair and overhaul, and spare parts sales, the company said.
Separately, Barnes Group said it has acquired Industrial Gas Springs Group Holdings Limited, which designs, manufactures and supplies customized gas springs. IGS is based in the United Kingdom with distribution and assembly capabilities in the United States.