Barnes’ 1Q profits grow on lower costs
Bristol aerospace-industrial manufacturer Barnes Group said its first-quarter profits grew nearly 28 percent on lower costs and expenses.
Net income for the three months ended March 31 was $29.1 million, or 52 cents per diluted share. That was up from $22.8 million, or 41 cents, in the first quarter of 2014.
The gains came despite a decline in net sales, which fell from $312.1 million to $300.6 million, which Barnes attributed mostly to unfavorable foreign exchange. Sales from the company’s aerospace segment fell 7 percent, while industrial was down 1.7 percent.
The company overcame the top-line decline with lower costs and expenses, which were down more than $20 million from a year ago.
CEO Patrick J. Dempsey said in a statement that he expects aerospace sales to ramp up through the end of the year.
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