Barnes Group sales fall
Barnes Group Inc. reported second quarter net sales decreased 2 percent to $293.4 million from $297.8 million in the second quarter of 2011.
Organic sales were up 1 percent in the quarter, offset by a 3 percent negative impact from foreign exchange. Income from continuing operations for the second quarter was up 9 percent to $24.8 million, or 45 cents per diluted share, from $22.7 million, or 41 cents per diluted share, a year earlier.
Barnes Distribution net sales were $91.9 million, up slightly from the second quarter of 2011. Organic sales improved by $1.0 million, while foreign exchange negatively impacted sales by $0.9 million.
“Although the ongoing economic environment remains uncertain, we nonetheless generated solid year-over-year earnings per share and order growth in the quarter, while total backlog rose to another record level,” said Gregory F. Milzcik, Barnes Group Inc. president and chief executive officer. “Even with modest organic sales growth in the quarter, Barnes Group expanded operating margins in each of its segments.”
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
