Barnes Group sales up 16%
Barnes Group Inc. reported net sales grew 16 percent to $328.0 million, up from $281.9 million in the second quarter of 2010.
Net income for the second quarter grew 51 percent to $22.3 million, or 40 cents per diluted share, from $14.8 million, or 26 cents per diluted share, a year earlier.
"Barnes Group's strong financial performance during the second quarter reflects the ongoing benefit of our focus on profitable growth and operating productivity," said Gregory F. Milzcik, president and chief executive officer. "Double-digit sales growth drove solid operating profit improvement in both of our business segments this quarter, and we expect to see further profitability leverage from incremental sales as our end-markets continue their rebound."
The Logistics and Manufacturing Services segment, which includes Barnes Distribution, recorded sales of $155.3 million, up 12 percent from last year's second quarter. This segment achieved $11.6 million of organic sales growth primarily from aerospace aftermarket and North American distribution businesses.
Operating profit at Logistics and Manufacturing Services increased 65 percent to $16.8 million, from $10.2 million in the second quarter of 2010. The increase in profitability was positively impacted by higher sales, improved customer sales mix and further productivity improvements in the North American distribution businesses.
