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July 24, 2015

Barnes' 2Q profits up on lower costs

Lower costs and expenses helped Barnes Group grow its bottom line by 13 percent in the second quarter, the Bristol aerospace-industrial manufacturer reported Friday.

For the quarter ended June 30, Barnes booked net income of $34.2 million, or 61 cents per diluted share, up from $30.2 million, or 54 cents, in the second quarter last year.

The increase came despite net sales falling more than $7 million, or 2.2 percent, to $314.9 million. That decline was due largely to foreign currency exchange in its industrial business.

But a $12.4 million reduction in the company’s cost of sales and selling and administrative expenses helped overcome the sales decline.

Barnes also revealed Friday that it has agreed to acquire Thermoplay, an Italian manufacturer of components for plastic injection molding, for $54.8 million.

Thermoplay is headquartered in Italy and provides technical services in China, India, Brazil, Portugal and across Europe. The company would become a business unit of Barnes’ industrial segment. The deal is expected to close next month.

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