Bristol aerospace and industrial manufacturer Barnes Group said its fourth-quarter profits grew 19 percent, thanks to organic sales growth and contributions from Männer, a German business it acquired in 2013.
Barnes booked net income of $31.5 million, or 57 cents per diluted share, compared to $26.8 million, or 48 cents, in the fourth quarter of 2013.
Net sales were up by more than $19 million, at $310.2 million.
Its industrial segment grew sales by nearly 8 percent, while aerospace was up 4.3 percent.
For the full year, Barnes’ net income was $118.4 million, or $2.12 per diluted share, down from $270.5 million, or $4.92, in 2013, when the company had a $198 million gain on discontinued operations related to the sale of an Ohio-based distribution business.
Net sales for the year grew nearly 16 percent, from $1.09 billion to $1.26 billion.
In 2015, Barnes expects earnings from continuing operations to range from $2.40 to $2.55 per diluted share. That would be an increase from $2.16 posted in 2014.
