Barnes Group profit up on higher aerospace, industrial sales
BRISTOL, Conn.—Barnes Group Inc. said Friday its first-quarter profit rose 21 percent, helped by increased aerospace and industrial segment sales.
The aerospace and industrial components manufacturer reported earnings grew to $33.4 million, or 60 cents per share, compared with $27.7 million, or 50 cents per share, in the prior year.
Analysts polled by Thomson Financial predicted net income of 53 cents per share.
Revenue for the period ended March 31 gained 8 percent to $388.6 million from $360.7 million, topping Wall Street's estimate of $381.2 million.
Aerospace revenue climbed to $112.3 million from $91.2 million, while industrial segment sales rose to $135.6 million from $129.9 million. Distribution revenue edged up to $141 million from $139.8 million.
