Barnes Group Inc. (NYSE: B), Bristol, CT, a diversified global manufacturer and logistics services company, reported sales for the fourth quarter 2011 were $283.3 million, up 9.7 percent from the fourth quarter 2010. Profit from continuing operations was $23.8 million.
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In the fourth quarter, Barnes Group completed the sale of its Barnes Distribution Europe businesses, which reported within the company’s Logistics and Manufacturing Services segment.
The results of that segment were reported in discontinued operations.
For the full year 2011, Barnes Group had sales of $1.2 billion, up 13.7 percent from the prior year. Income from continuing operations was $91.6 million.
Logistics and Manufacturing Services sales in the fourth quarter were $122 million, up 10 percent from the prior-year period. The increase in sales was driven by strong organic sales growth in the aerospace aftermarket business.
Full year 2011 sales were $492.9 million, up 11 percent from 2010, due again to organic sales growth in the aerospace aftermarket, but also in the North American distribution businesses.
Precision Components fourth quarter sales were $163.6 million, up 9 percent from the fourth quarter 2010. Organic sales growth of $13.7 million was driven by the segment’s aerospace OEM business and the North American and European industrial manufacturing businesses that benefited from improved industrial and transportation end-markets.
Full year 2011 sales were $687.5 million, up 15 percent.