Bristol manufacturer Barnes Group Inc.’s third quarter profits rose 9.4 percent, with growth in both its industrial and aerospace divisions.
The company reported profits of $36.8 million, or 67 cents per diluted share, in third quarter compared with $33.7 million, or 61 cents per diluted share, in the year-ago quarter.
Sales growth and operational efficiencies from the Barnes Enterprise System boosted both margins and earnings, said Patrick J. Dempsey, president and chief executive officer.
“In particular, our industrial segment generated solid organic growth and sustained productivity momentum to deliver improved margins,” Dempsey said.
In the aerospace segment, “improved performance and ramping volumes” on new engine programs materialized as the company “continued to transition from large, declining legacy programs,” he said.
Barnes Group now expects adjusted earnings to range between $2.48 and $2.53 per diluted share, up 4 percent to 6 percent from $2.38 in 2015.
