February 15, 2008
Despite higher sales at Barnes Group, profits down
Bristol-based Barnes Industrial Group reported that while its sales went up by 9 percent in Q4 from a year ago, its net income dropped to $17.6 million from $18.5 million because the company took an approximate $5 million charge for additional tax expenses and for staff reduction.
The aerospace industrial components manufacturer, comprised of three businesses - aerospace, distribution and industrial - reported that net sales went up to $358.9 million from $328.8 million during the period.
"We believe the investments we have made within all three of our segments and particularly Project Catalyst within Barnes Distribution, position the company for another year of improved performance," William C. Denninger, senior vice president of finance and chief financial officer of Barnes Group Inc., said in a statement.
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