Barnes Aerospace Orders Grow

Jason Sandefur

Barnes Group Inc. jumped off to a �strong start� during the first quarter of 2004, with net sales gaining 13% to $247.2 million and net income growing 31% to $9.6 million. Barnes was helped by improved operating margins and a stronger global economy.
“Profitability at Barnes Distribution came in a bit ahead of our previous indications, even as the distribution center integration continued to move along, while sales growth at Barnes Aerospace � significantly exceeded that of (its) primary end markets,” noted CEO Edmund Carpenter.

Barnes Distribution reported Q1 sales grew 13.5% to $106.5 million, while operating profit increased 34.4% to $4.3 million. Barnes said segment results were boosted by MRO distributor Kar Products, which the company acquired in early 2003.
Barnes also announced it plans to open a new distribution center in Ontario in May 2004.

Sales at Barnes Aerospace improved 16.9% to $49.5 million during Q1, reflecting solid growth in OEM sales. Operating profit soared 64.2% to $4.4 million. Q1 orders for Barnes Aerospace grew to $55.2 million, prompting Carpenter to declare that �the order rate at Barnes Aerospace is once again at a pre-9/11 pace.� Military orders comprised 27% of new business during the quarter. Web: barnesgroupinc.com �2004 FastenerNews.com