Bristol aerospace and industrial manufacturer Barnes Group reaped the benefits of a 2012 plastics acquisition in its fiscal quarter ended June 30, reporting a 24-percent increase in revenue.
Driven by its Synventive Molding Solutions subsidiary, which it acquired last year for $335 million, Barnes booked $267.4 million in revenue, up from $215.3 million in the second quarter of 2012.
Barnes’ booked a profit of $209.3 million, which was well above normal levels due to the sale of its Barnes Distribution North America business in late April to MSC Industrial Direct for $550 million.
Aerospace sales were up 3 percent to $96.8 million during the quarter, while industrial sales were up 40 percent at $170.6 million, driven mainly by Synventive.
Barnes took a $16.6 million hit during the quarter from an unfavorable U.S. Tax Court ruling stemming from an IRS audit for 2000 through 20012.
Barnes expects full-year adjusted earnings per diluted share from continuing operations to be in the range of $1.85 to $1.95, up 22 percent to 28 percent from 2012.
