Bristol aerospace- and industrial-parts manufacturer Barnes Group Inc. posted a 20 percent drop in third-quarter earnings.
Three-month net earnings of $18.5 million, or 34 cents per share, vs. $23.2 million, or 41 cents per share, in the third quarter 2011.
Barnes said its latest earnings were impacted by a $5.1 million pre-tax purchase of accounting adjustments and acquisition costs of Massachusetts manufacturer Synventive.
Barnes’ sales in the third quarter increased to $306.1 million vs. $298.6 million last, boosted largely by the aerospace and industrial manufacturing divisions.
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As a result of the softer third quarter, Barnes revised its earnings outlook to $1.73 a share for the year.
