Barnes Group Inc. (NYSE: B), Bristol, CT, an international aerospace and industrial manufacturer, announced sales for the second quarter of $267.4 million, an increase of 24.2 percent compared to the same period a year ago. Sales from continuing operations increased 24 percent to $267.4 million. Profit was $209.3 million, compared to a year-ago profit of $24.8 million.
On April 22 the company completed the sale of its Barnes Distribution North America business to MSC Industrial Direct Co. Inc. for $550 million and received cash of $540 million, net of working capital adjustments and transaction costs. In the second quarter of 2013, the company recorded a gain on sale of $194 million.
Aerospace sales in the second quarter were $96.8 million, up 3 percent from the same period last year. A sales increase in OEM was partially offset by lower sales in the aftermarket business. Operating profit of $15.2 million was up 17 percent from the prior year period.
Industrial sales were $170.6 million, up 40 percent from the same period last year. The increase was driven by the Synventive acquisition’s sales contribution and organic sales growth of 5 percent, inclusive of favorable pricing, offset by unfavorable foreign exchange of $500,000. Operating profit of $20.9 million was up 64 percent from the prior-year period.
For the first six months, sales for Barnes Group were $530.9 million, an increase of 21.2 percent from the same period in 2012. Profit was $222.8 million, compared to a year-ago profit of $47 million.
