Barnes Distribution Sees Record Sales
Barnes Distribution Sees Record Sales
Jason Sandefur
Operational improvements and better sourcing capabilities helped Barnes Group report distribution sales, including fasteners, rose 7% to a record $114 million during the third quarter of 2005, while operating profit jumped 17% to $8.6 million.
Nine-month distribution sales increased 6.3% to $340.9 million, and operating profit soared 43% to $21.08 million.
Overall Q3 sales gained 11% to $271.5 million, while net income grew 81% to $17.4 million. The results marked the 11th consecutive quarter that Barnes has posted double-digit sales growth.
“We had a strong third quarter with solid growth in all three business segments, as the organization continues to focus on reducing operational costs and improving after-tax operating results,” stated CEO Edmund Carpenter.
Nine-month sales for Barnes improved 11% to $825.8 million, and net income jumped 60% to $48.9 million. Web: barnesgroupinc.com �2005 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment