Posted February 18, 2011
Barnes Group 2010 sales up 9.6 percent
Barnes Group fourth quarter 2010 sales totaled $283.3 million, up 10.4 percent from $256.5 million in the fourth quarter of 2009.
Net income of $11.5 million, or 21 cents per diluted share, compared to $6.2 million, or 11 cents per diluted share in the fourth quarter of 2009.
For 2010, Barnes Group achieved sales of $1.13 billion, up 9.6 percent. Net income was $53.3 million, or 95 cents per diluted share, compared to $39.0 million, or 72 cents per diluted share, in 2009.
"Barnes Group had a solid year in 2010. The investments we've made through the global recession are coming to fruition with meaningful growth in sales and profitability in 2010. Although the fourth quarter has traditionally been challenging given the seasonality of some of our businesses, we are pleased with our results and plan to build on this momentum," said Gregory F. Milzcik, president and chief executive officer.
The Logistics and Manufacturing Services segment sales were $135.8 million, up 6 percent from $128.6 million in the same period last year. The increase in sales was driven by growth in the North American distribution businesses and modest improvement in the aerospace aftermarket business. Sales in the company's European-based distribution business were flat net of foreign exchange.
The segment's full year 2010 sales were $548.5 million, up 2 percent from $539.1 million in 2009. The increase was primarily a result of organic sales growth from end-market improvements in the North American distribution businesses.
