Barnes
Group Inc. sales grew 10% to $308.9 million in the quarter ended June 30,
2006. Profit for the second quarter was $18 million, up slightly from the $17.6
million reported in the same period last year.
Sales at Barnes Distribution were $125.5 million in the
second quarter of 2006, up 11% from $113.3 million in the same quarter last
year. Driving sales growth were increases in Barnes Distribution North America,
up 6%, as a result of increases in Corporate Accounts, up 11%, and Tier II, up
33%, along with increased selling prices. In addition, Barnes Distribution
Europe and Barnes Distribution Raymond, up 39% and 32%, respectively, were
bolstered by the Toolcom and SPD acquisitions which added $6.3 million in sales
in the second quarter.
“Barnes Distribution continues its strategic focus on
sustainable sales growth and improvements to operations,” said Idelle K. Wolf,
President, Barnes Distribution. “We are committed to optimizing operational
efficiencies throughout the organization for enhanced profitability.”
Barnes Distribution recently announced its agreement to
acquire KENT. This acquisition will enlarge Barnes Distribution’s footprint in
Europe and will complement the Toolcom acquisition made last year.
Sales at Associated Spring were $112.1 million in the second
quarter of 2006, up slightly from $111.5 million in the year-ago period.
Included in this sales increase was $4.6 million from the acquisition of Heinz
Hanggi AG of Switzerland. Sales by the traditional spring business were up
approximately 3% on increased demand in the heavy-duty truck and
telecommunications markets, while sales in specialty operations decreased 2%.
Sales at Barnes Aerospace were $73.9 million for the quarter
ended June 30, 2006, up 27% from $58.3 million in the same period a year ago, as
OEM sales were up 17% and aftermarket sales grew 58%.
Barnes Aerospace generated record orders of $124.6 million
in the second quarter, up 66% from $74.8 million in the year-ago period.
Commercial orders were $85.7 million, military orders were $15.2 million and
industrial gas turbine orders were $0.6 million in the quarter ended June 30,
2006. Order backlog was $325.8 million, up 33% from a year ago, and up 19% from
March 31, 2006.
For the first six months of 2006, Barnes Group’s net sales
were $608.8, up 10% from $554.3 million in the first half of 2005. Net income
increased 26% to $36.5 million for the six months ended June 30, 2006, from
$29.1 million in the comparable period in 2005. Net income for the six months
ended June 30, 2006, increased 40% to $36.5 million from an adjusted $26.1
million for the six months ended June 30, 2005.
Barnes Group Inc. is a diversified international
manufacturer of precision metal components and assemblies and a distributor of
industrial supplies, serving a wide range of markets and customers. Founded in
1857 and headquartered in Bristol, CT, Barnes Group consists of three businesses
with 2005 sales of $1.1 billion: Barnes Distribution, an international,
full-service distributor of maintenance, repair, operating, and production
supplies; Associated Spring, one of the world’s largest manufacturers of
precision mechanical and nitrogen gas products and a global supplier of
retaining rings, reed valves, shock discs, and injection-molded plastic
components and assemblies; and Barnes Aerospace, a manufacturer and repairer of
highly engineered assemblies and components of aircraft engines, airframes, and
land-based industrial gas turbines.
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