Barnes Fastener Sales Up 10%
Barnes Fastener Sales Up 10%
Jason Sandefur
Sales at Barnes Distribution, including fasteners, grew 10% to a record $124.4 million in the first quarter of 2006, driven by higher selling prices, “strong increases” in Europe and the double-digit growth in both corporate and Tier II accounts. Segment operating profit soared 74% to $9 million.
“Barnes Distribution made significant progress this quarter towards realizing the benefits of its strategic focus on profitable sales and operational improvements throughout the organization,” commented Idelle Wolf, president of Barnes Distribution. “Steady execution and continued reductions in operating costs are expected to further enhance profitability at Barnes Distribution.”
Net sales for parent company Barnes Group in the first quarter gained 10% to $299.9 million, while net income jumped 61% to $18.5 million. Web: barnesgroupinc.com �2006 FastenerNews.com
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