Barnes Group Inc. (NYSE: B), Bristol, CT, a diversified global manufacturer and logistical services company, reported sales for the second quarter were $328 million, up 16 percent from the second quarter of 2010. Profit grew 51 percent to $22.3 million.
| We Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
For the first six months, sales were $646.7 million, up 15.5 percent in a year-over-year comparison. Profit grew 55 percent to $41.4 million.
The Logistics and Manufacturing Services segment recorded sales of $155.3 million in the second quarter of 2011, up 12 percent from last year’s second quarter. This segment achieved $11.6 million of organic sales growth primarily from aerospace aftermarket and North American distribution businesses. Foreign currency translation positively affected second quarter 2011 net sales by approximately $5.2 million.
Operating profit at Logistics and Manufacturing Services increased 65 percent to $16.8 million. The increase in profitability was positively impacted by higher sales, improved customer sales mix and further productivity improvements in the North American distribution businesses.
The Precision Components segment recorded sales of $175.8 million in the second quarter of 2011, a 20 percent increase from last year’s second quarter. Organic sales grew $21.0 million in the quarter as a result of increases in the North American and European industrial manufacturing businesses and from better performance in the transportation industry, including automotive. Net sales in the aerospace OEM business also achieved double-digit growth. Foreign currency translation positively affected second quarter 2011 net sales by approximately $8.2 million.
Operating profit at Precision Components was $16.7 million, an increase of 24 percent. The operating profit improvement resulted from the beneficial impact of higher sales levels combined with lower cost structures resulting from previous actions and lean initiatives.
