Bristol-based aerospace and industrial manufacturer Barnes Group Inc. increased its third-quarter profits by 17 percent, despite trade uncertainties and slowing global economies impacting its business.
The company posted net income of $45.8 million, or 89 cents per diluted share, during the three-month period that ended Sept. 30, vs. $39.1 million, or 75 cents per diluted share, earned in the year-ago period.
Barnes’ sales ticked up slightly during the quarter to $373 million vs. $370 million last year.
In a statement, Barnes CEO Patrick Dempsey touted the performance of the company’s aerospace segment, which posted just under $141 million in sales, a 12 percent increase over 2018’s third quarter.
“Continuing strength in our aerospace business led to another record quarter of segment revenue and operating profit, as both new manufacturing and aftermarket experienced excellent growth,” Dempsey said in a statement.
The company, however, did see some weaknesses in its industrial segment where quarterly sales were down 5 percent to $231.7 million, impacted by trade uncertainties, slowing global demand as well as currency fluctuations.
