Barnes Group Inc., the Bristol maker of aerospace and industrial components, said Monday its second-quarter profit rose 42 percent as conditions in the automotive and industrial sectors improved, The Associated Press reports.
CEO Gregory F. Milzcik said cost cuts also helped results.
Net income rose to $14.8 million, or 26 cents per share, for the three months ended June 30 from $10.4 million, or 19 cents per share, a year ago.
Revenue rose 11 percent to $281.9 million from $255.2 million last year.
Analysts polled by Thomson Reuters, on average, expected earnings of 25 cents per share on revenue of $286.6 million.
Precision components revenue rose 22 percent to $146.6 million, helped by better demand in North America and Europe from the transportation industry.
Revenue from the company’s logistics and manufacturing services rose 1 percent to $136.6 million as growth in North America was offset by weaker European revenue.
The company affirmed full year earnings guidance of 90 cents to $1.10 cents per share. Analysts expect earnings of $1.04 per share.
At 11 a.m., Barnes was up 12 cents at $18.50.
