Barnes Distribution sales down 5%
Barnes Distribution reported net sales of $85.7 million were down 5 percent compared to the third quarter of 2011 as a result of softness in North American markets.
Operating profit of $6.9 million decreased 11 percent from last year primarily due to the profit impact on lower sales volumes. Lower incentive compensation, partially offset by higher pension costs, provided a net benefit to the quarter, the company said.
Parent company Barnes Group Inc.reported net sales increased 2 percent to $306.1 million from $298.6 million in the third quarter of 2011. Income from continuing operations was down 17 percent to $20.7 million, or 38 cents per diluted share, from $24.9 million, or 44 cents per diluted share, a year earlier.
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.
