Barnes Group Inc., Bristol, CT, aerospace and industrial components manufacturer and distributor, reported second quarter 2008 revenues were up 6% to $382.9 million driven by strong demand in the aerospace manufacturing and aftermarket businesses and international industrial businesses.
Profit was $34.6 million, a 22% increase.
Barnes Aerospace sales were $114.4 million in the second quarter, an increase of 24% from the prior-year period. Second quarter sales reflect growth of 30% in aftermarket sales. Barnes Group reports it remains optimistic about continued growth of the aerospace sector even though industry dynamics including higher fuel prices and recently announced plans to retire older aircraft have created additional levels of caution."
Growth for Barnes has been driven by fuel-efficient aircraft, with a focus on newer generation airplane and engine platforms.
Barnes Distribution sales were $135.8 million in the second quarter, a decrease of 1%. Organic sales were down 5%. Lower sales were due to softness in transportation and other manufacturing markets in North America, as well as "initiatives that created sales force disruption in the U.S. and the United Kingdom." Sales in Europe and Canada were favorably impacted by the strength of those currencies, increasing sales by US$5.4 million in the second quarter.
Barnes Industrial sales were $132.9 million, an increase of 2% over the prior-year period. Sales in Europe were favorably impacted by local currencies. The divestiture of Spectrum Plastics Molding Resources Inc. caused a decline in sales of $3.4 million. Transportation-focused businesses in North America were a drag on overall sales, but were "partially offset" by sales growth in industrial end markets.