April 30, 2012 | last updated June 1, 2012 2:13 pm

Barnes Group's 1Q profits up 16 percent

Bristol industrial manufacturer Barnes Group reported first quarter earnings increased 16 percent, as revenues from its aerospace repair and overhaul activity grew.

Barnes reported first quarter net income of $22.2 million, or 40 cents a share, up from $19.1 million, or 34 cents a share, earned in the first quarter of 2011.

First-quarter revenue hit $303.1 million, up 4.7 percent from the $289.6 million generated in the first quarter 2011.

In the first quarter, Barnes changed its organizational structure to align its strategic business units into three reportable business segments: aerospace, industrial and distribution.

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