Barnes Q3 Sales, Income Up

John Wolz

Barnes Group Inc. announced third quarter 2002 net income rose 21% over the same period a year ago to $6.9 million and sales increased 6% to $196.8 million.
Associated Spring�s Q3 operating profit was $6.5 million, compared with $5.2 million in last year�s third quarter. Three new acquisitions � Forward Industries, Seeger-Orbis and Spectrum Plastics � “are all meeting our expectations,” CEO Edmund Carpenter said. “We are also continuing to benefit from higher light vehicle production versus last year.”
Barnes Aerospace sales were down 9% to $45.8 million and operating profit plunged from $5 million to $1.3 million. Barnes Distribution sales slipped 1% to $72 million but profit jumped 66% to $2.5 million. Web: barnesgroupinc.com �2002 FastenerNews.com