Barnes Group Inc. announced 2006 sales of $1.3 billion, up 14% from $1.1 billion in 2005. Profit was $73.8 million, up 54% from the year before.
Sales for the fourth quarter were $328.8 million, up 19% from the prior-year period. Income was $18.5 million, up 83%.
All three of Barnes’ business units recorded double-digit sales growth in the fourth quarter.
Full year 2006 sales at Barnes Distribution were $526.9 million, up 16% from $453.8 million in 2005.
Fourth quarter 2006 sales at Barnes Distribution were $141.6 million, up 26% from the same period last year. Driving the fourth quarter 2006 sales growth were broad-based increases in Barnes Distribution North America, including double-digit increases in Corporate and Tier II accounts, and gains in Europe and the Raymond division. Barnes Distribution Europe’s fourth quarter sales were positively impacted by $20.8 million from the second quarter acquisition of KENT.
Fourth quarter 2006 sales at Associated Spring were $110.9 million, up 10%, from $101.1 million in the fourth quarter of 2005. Included in this sales increase were $7.2 million from the recently acquired Heinz Hänggi GmbH and a $2.6 million favorable impact from foreign exchange. End market sales continued to benefit from strong momentum in telecommunications and heavy duty truck. Associated Spring’s sales within the transportation and industrial markets were essentially flat, excluding the Heinz Hänggi acquisition.
For all of 2006, sales at Associated Spring were $445.9 million, up 6% from $422.4 million in 2005.
Fourth quarter 2006 sales at Barnes Aerospace were $78.8 million, up 23% from $64.2 million in the comparable 2005 quarter as original equipment manufacturer (OEM) and aftermarket sales increased 10% and 58%, respectively.
Barnes Aerospace generated orders of $113.7 million in the fourth quarter, up 46% from $77.7 million in the same period last year. Commercial OEM orders were $58.4 million and military orders were $26.6 million in the fourth quarter of 2006. Order backlog was $403.0 million, up 10% from September 30, 2006.
For all of 2006, sales at Barnes Aerospace were $296.9 million, up 26% from $235.4 million for the full year 2005.
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