Kar Boosts Barnes Q1 Sales
Kar Boosts Barnes Q1 Sales
Jason Sandefur
The February acquisition of Des Plaines, IL-based Kar Products for $78.5 million helped Barnes Distribution report sales jumped 29% to $93.8 million for the first quarter of 2003. More than 90% of the $20.9 million gain came from Kar, stated Barnes Group Inc. CEO Edmund Carpenter. Operating income for Barnes Distribution, which includes fasteners, improved 68% to $3.2 million, due primarily to increased profitability in North American operations. Carpenter added that Kar�s integration into Barnes is on schedule.
For Q1, parent company Barnes Group, based in Bristol, CT, reported net sales rose 13% to a record $218.7 million, while net income increased nearly 9% to $7.4 million.
Barnes Aerospace sales in Q1 dropped 11% to $42.3 million, and operating profit fell 7% to $2.7 million.
Associated Spring Q1 sales gained 13% to $85.1 million, with operating profit increasing 8.6% to $7.6 million.
Web: barnesgroupinc.com �2003 FastenerNews.com
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