Barnes Distribution sales up 4%
Barnes Distribution reported first quarter sales were $93.4 million, up 4 percent from $89.9 million in the same period last year.
Sales growth was driven by the continued strengthening of North American distribution end-markets. The impact of foreign exchange decreased net sales by approximately $0.2 million.
Operating profit increased 43 percent to $8.7 million, from $6.1 million in the first quarter of 2011 primarily as a result of the beneficial profit impact of higher sales volumes and lower cost structures. The operating profit increase was partially offset by an unfavorable sales mix of lower margin products, the company said.
Sales for all of Barnes Group Inc. grew 5 percent to $303.1 million from $289.6 million in the first quarter of 2011. Income from continuing operations for the first quarter was up 14 percent to $23.0 million, or 41 cents per diluted share, from $20.2 million, or 36 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.
