Barnes Group sales up 9.7 percent
Barnes Group Inc. reported fourth quarter 2011 sales totaled $283.3 million, up 9.7% from $258.2 million in the fourth quarter of 2010.
Income from continuing operations was $23.8 million or 43 cents per diluted share, up 86% from the fourth quarter of 2010.
For the full year 2011, Barnes Group generated sales of $1.16 billion, up 13.7%. Income from continuing operations was $91.6 million, or $1.64 per diluted share, compared to $54.0 million, or 96 cents per diluted share in 2010.
Fourth quarter sales for the Logistics and Manufacturing Services segment, which includes Barnes Distribution, were $122.0 million, up 10% from $110.7 million in the same period last year. The increase in sales was driven by strong organic sales growth in aerospace aftermarket business.
Full year 2011 sales were $492.9 million, up 11% from $443.9 million in 2010. The increase was primarily due to strong organic sales growth in aerospace aftermarket and North American Distribution businesses.
During the fourth quarter of 2011, Barnes Group completed the sale of its Barnes Distribution Europe (BDE) businesses which were comprised of the company's European KENT, Toolcom and BD France distribution businesses.
"We expect our positive momentum to continue into 2012, especially with the strength in the global commercial aerospace industry. Further, with the sale of BDE, a greater level of management’s attention can be directed toward expanding our operations both organically and through acquisitions, bringing new products and processes to market and growing our geographic reach,” said Gregory F. Milzcik, Barnes Group Inc. president and CEO.
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.
