Bristol aerospace and industrial-parts manufacturer Barnes Group Inc. said its fourth-quarter earnings returned to black due to growth in its aerospace business.
For the period ended Dec. 31, the maker of automotive springs and aeroparts said its profits rose to $38.8 million, or 75 cents a diluted share, vs. a net loss of $59.2 million, or a loss of $1.10 a diluted share, in the fourth quarter of 2017.
Total sales for the quarter rose 3 percent to $384 million.
During the quarter, Barnes announced it completed its $410 million acquisition of Gimatic S.r.l., an Italian maker of robotic grippers for industrial automation. The buyout diversifies the company into the growing industrial automation market, officials said at the time.
For the year, the company said its profits rose 4 percent to $1.4 million, and that it invested $57 million in capital expenditures across its business segments.
For 2019, the company said it expects a revenue uptick between 4 percent and 6 percent. That would result in expected earnings in the range of $3.17 to $3.32 a diluted share.
“Although we see a greater level of economic uncertainty in certain Industrial end markets in early 2019, we anticipate the upcoming year to demonstrate further revenue and earnings growth,” said Barnes CEO and President Patrick J. Dempsey.
