Barnes Group Inc. (NYSE: B), Bristol, CT, which recently completed the sale of its North American distribution business to MSC Industrial Direct Co., reported sales for the first quarter of $263.5 million, an 18.3 percent increase compared to the same period last year. Profit fell 39.3 percent to $113.5 million.
For Barnes Aerospace, first-quarter sales were $98 million, up 1 percent from the same period last year. An increase in aerospace OEM sales was largely offset by declines in aftermarket repair and overhaul and spare parts sales. Operating profit of $10.3 million was down 18 percent from the prior-year period.
Industrial sales were $165.5 million, up 32 percent from the same period last year. The increase was driven by Synventive’s sales contribution in the current quarter. Organic sales, which benefited from favorable pricing, increased by 1 percent. Operating profit of $14.6 million for the quarter increased $2.6 million from last year driven by the profit contribution of the Synventive business, productivity improvements and favorable pricing.
Barnes Group now expects 2013 revenue from continuing operations to grow 17 percent to 20 percent from 2012. This guidance includes the impacts from the sale of Barnes Distribution North America which closed on April 22, and the company’s previously announced CEO transition.
