February 17, 2017

Barnes Group's 4Q profits up 51%

File photo
File photo
Barnes CEO Patrick Dempsey

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.

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