Bristol aerospace and industrial manufacturer Barnes Group said its first-quarter profits were buoyed by its $372-million October acquisition of precision-mold maker Männer.
Barnes booked net income of $22.8 million, up 69 percent from $263.5 million in the first quarter of 2013. Diluted earnings per share were 41 cents, up from 24 cents.
Higher profits were the result of higher revenue. Net sales were $312.1 million, up from $263.5 million a year prior.
Männer contributed virtually all of Barnes’ industrial segment’s sales increase of $38.4 million, to $203.9 million. Meanwhile, organic growth helped push aerospace segment sales from $98 million to $108.2 million.
