Barnes Distribution Sales, Profit Grow

Jason Sandefur

Sales at Barnes Distribution, including fasteners, rose 19% to $135.4 million in the third quarter of 2006, including $16.3 million in incremental sales from acquisitions, primarily from its July 31 acquisition of KENT. Barnes said organic sales growth was driven mostly by Barnes Distribution-North America, which saw double-digit revenue growth in corporate accounts and Tier II relationships. Q3 operating profit at Barnes Distribution soared 24% to $9.2 million.
“We are pleased with the integration of the Toolcom and SPD acquisitions, and we are looking forward to similar benefits from the KENT acquisition, led by a strong management team for our expanded European business,” stated Barnes Distribution president Idelle Wolf.
Barnes Distribution revenue during the first nine months of 2006 climbed 13% to $385.3 million, while operating profit gained 47% to $27 million.
Overall Q3 sales at Barnes increased 19% to $322 million, while net income improved 23% to $18.9 million. Q3 operating income soared 73% to $30.6 million.
Consolidated nine-month revenue rose 13% to a record $930.8 million, while net income grew 24% to $55.3 million. Web: barnesgroupinc.com �2006 FastenerNews.com