Bristol industrial and aerospace manufacturer Barnes Group Inc. said its fourth-quarter profits fell nearly 10 percent as a result of costs related to its $372-million acquisition of German mold maker Männer.
Profits for the quarter were $26.8 million, or 48 cents per diluted share, down from $29.7 million, or 54 cents, a year ago.
Männer charges, which included accounting adjustments and transaction costs, amounted to $7.2 million. Barnes also booked $2.5 million less in income from discontinued operations during the recent quarter.
Revenue for the quarter grew nearly 13 percent to $291.1 million, driven by both organic growth and contributions from Männer, Barnes said.
For the full year, Barnes’ profits increased from $95.2 million to $270.5 million. Revenue increased 17.5 percent to $1.09 billion.
The company expects 2014 revenue growth of between 14 percent and 17 percent.
