Bristol industrial and aerospace manufacturer Barnes Group increased profits 51 percent in the fourth quarter of 2016, driven by higher sales.
For the company's fourth quarter, net income rose to $36.7 million, or 67 cents a diluted share, compared to $24.4 million, or 44 cents a diluted share, in the year-ago period.
For the full year, net income rose 12 percent to $135.6 million, or $2.48 a diluted share, compared to $121.4, or $2.19 a diluted share in 2015.
Fourth quarter 2016 net sales of $324 million were up 13 percent from $287 million in the prior year period driven by organic sales growth of 9 percent and acquisition sales of 5 percent, said company President and CEO Patrick J. Dempsey.
Barnes Group expects 2017 total revenue growth of 6 percent to 8 percent with organic revenue growth of 3 percent to 5 percent.