Barnes Group Sales Down 2% in Second Quarter - Modern Distribution Management

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Barnes Group Sales Down 2% in Second Quarter

Barnes Distribution sales rose slightly year over year, primarily from organic growth.

Barnes Group Inc. (NYSE: B), Bristol, CT, reported sales for the second quarter were $293.4 million, down 2 percent from the same period a year ago. Organically, sales were up 1 percent. Profit from continuing operations increased 9 percent to $24.8 million.

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For the first six months, sales were $596.5 million, up 1.5 percent year over year. Profit from continuing operations rose 11.3 percent to $47.8 million.

Distribution net sales were $91.9 million, up slightly from the second quarter of 2011. Organic sales improved by $1 million, while foreign exchange negatively impacted sales by $0.9 million. Operating profit increased 3 percent from last year to $8.2 million.

Industrial segment sales of $110.2 million were down 3 percent compared to the second quarter of 2011. Organic sales increased 2 percent during the quarter, but were more than offset by the unfavorable foreign exchange impact of $6.5 million. Operating profit increased 2 percent to $11.2 million.

Aerospace net sales of $93.8 million were down 1 percent from last years second quarter. A slight increase in Aerospace original equipment manufacturing sales and continued strong levels of aftermarket repair and overhaul sales were more than offset by a sales decline in aftermarket spare parts. Operating profit decreased 1 percent to $14.7 million.

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