Bristol industrial-parts manufacturer Barnes Group Inc. said its second-quarter profits grew 9.7 percent thanks to higher sales in its aerospace business.
For the quarter ended June 30, the automotive springs and aeroparts supplier posted net income of $49.4 million, or 93 cents a diluted share, vs. $45 million, or 82 cents a diluted share, from the same quarter in 2017.
Sales were $375 million for the quarter. Industrial sales fell 1 percent to $249.6 million, while aerospace sales grew 12 percent to $125.7 million.
Based on the quarter, Barnes slightly raised its revenue outlook with expected earnings per share in the range of $3.21 to $3.31.