Bristol aerospace manufacturer Barnes Group’s profits returned to normal levels in its second quarter, a year after the sale of its distribution business brought in over $200 million.
For the quarter, Barnes netted $30.2 million, or 54 cents per diluted share, down from $209.3 million, or $3.32, in the same quarter last year, when it sold Barnes Distribution North America to MSC Industrial Direct.
Barnes said net sales grew more than 20 percent during the quarter, from $267.4 million to $322.1 million. That was mainly driven by contributions from its October acquisition of precision mold and packaging maker Männer.
Barnes said it expects total revenue this year to grow between 15 and 17 percent.
