Aerospace and automotive-parts maker Barnes Group (NYSE:B) reported a 42% rise in second-quarter profit due to an increase in sales and a more positive climate in the automotive and manufacturing industries.
The company reported profit of $14.8 million, or 26 cents per share, up from $10.4 million, or 19 cents per share last year. Thomson Reuters analysts forecast earnings of 25 cents on $287 million in revenue. Overall revenue for Barnes Group rose 10% to $281.9 million.
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The company experienced the biggest jump in sales in its precision-components division of 22%, while its logistics and manufacturing segment experienced a drop in sales of 18%. Although the company benefited from high margins, personnel costs were also on the rise.