Barnes Group Inc (B)

[polkamatic]

Barnes Group Inc. Reports Third Quarter 2010 Financial Results
Barnes Group Inc. (NYSE: B), a diversified global manufacturer and logistical services company, today reported financial results for the third quarter 2010. The Company reported net income of $15.1 million, or $0.27 per diluted share, compared to $10.9 million, or $0.20 per diluted share in the third quarter of 2009. Barnes Group’s third quarter 2010 sales totaled $289.9 million, an increase of 11.4 percent from $260.3 million in the third quarter of 2009.
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“Continued improvements in the current economic climate, particularly within our industrial and automotive end markets, led to double-digit sales growth for the second consecutive quarter,” said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc. “This increase in sales, paired with our continued focus on maintaining an efficient cost structure and productivity, contributed to a meaningful improvement to our third quarter operating profit.

“We also experienced continued growth in our backlog and strong order rates, which position us well to build upon our success as we move into the fourth quarter,” Milzcik said. “While we are seeing strong growth in Precision Components and increased activity within our distribution and aerospace aftermarket businesses, we continue to remain cautious. Our 2010 diluted earnings per share guidance has been tightened to $0.95 to $1.00 given current and anticipated market conditions.”