Barnes Group Inc. in Bristol lifted first-quarter profits 61 percent on strong worldwide sales of automotive components and aftermarket aerospace parts, further signs of a burgeoning global economy.
The diversified global manufacturer and logistical services company said net income grew to $19.1 million, or 34 cents a share, in the three months ended march 31, up from $11.8 millino, or 21 cents a share, earned the same period last year.
Overall sales rose 15 percent in the latest quarter to $318.8 million from $278.1 million in the first quarter of 2010.
As a result of the strong first quarter, CEO Gregory F. Milzcik said Barnes is raising its guidance for 2011. The company says it now expects revenue to grow 8 percent to 11 percent from 2010, and earnings per diluted share to be in the range of $1.23 to $1.38, up 30 to 45 percent.
