Bristol industrial-parts manufacturer Barnes Group Inc. said its third quarter net income rose 10.7 percent thanks to higher aerospace and industrial sales.
For the three months ended Sept. 30, the maker of automotive springs and aeroparts netted $39.1 million, or 75 cents a diluted share, up 10.7 percent vs. $35.3 million, or 65 cents a diluted share, in the year-ago period.
Net sales rose 3.5 percent to more than $369.7 million compared to $357.1 million a year ago. Aerospace sales increased by 7.6 percent to $125.6 million and industrial sales were up 1.6 percent to $244.1 million
For the year, Barnes has netted $127.3 million, up 7.3 percent from the $118.6 million recorded in the first nine months last year.
Barnes said it expects revenue growth between 4 percent to 5 percent for the year and earnings per share in the range of $3.21 to $3.26 a diluted share.
Barnes announced two purchases of European companies during the third quarter.
In September, Barnes announced plans to pay $410 million to acquire Gimatic S.r.l., an Italian maker of robotic grippers for industrial automation.
Barnes in July said it acquired Industrial Gas Springs (IGS), a U.K.-based designer, manufacturer and supplier of customized gas springs. Financial terms were not disclosed.
