The 2020 Mid-Year Economic Update_long

Barnes Group Sales Down 2.2% in 2Q

Year-to-date sales down 2.9 percent year-over-year.

Barnes Group Inc. (NYSE: B), Bristol, CT, an international industrial and aerospace manufacturer and service provider, reported sales for the second quarter of $314.9 million, a 2.2 percent decrease year-over-year. Organic sales increased 4 percent. Profit for the quarter increased 13.2 percent to $34.2 million.

Aerospace sales were $112.4 million, up 3 percent year-over-year. Industrial sales were $202.6 million, down 5 percent, with organic sales up 5 percent.

Year-to-date sales were $615.5 million, down 2.9 percent over the prior-year period. Profit increased 19.5 percent to $63.3 million.

“Barnes Group performed well in the second quarter led by our products and systems-based Industrial businesses serving the tool & die and plastics end-markets,” said Patrick J. Dempsey, president & CEO. “In addition, our Aerospace Revenue Sharing Programs experienced significant year-over-year growth which helped further expand operating margins."

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