BRISTOL, Conn. (AP) — Barnes Group Inc., which makes aerospace and industrial components, said Friday its first-quarter profit climbed 62 percent on higher sales across its businesses.
It also raised its full-year earnings and revenue guidance.
The Bristol, Conn., company reported net income of $19.1 million, or 34 cents per share, for the January through March quarter. That was up from $11.8 million, or 21 cents per share, a year earlier. Revenue climbed 15 percent to $318.8 million.
The performance beat Wall Street forecasts. Analysts polled by FactSet expected earnings of 29 cents per share on revenue of $297.7 million.
Revenue from its Logistics and Manufacturing business rose 11 percent. Revenue rose 18 percent in the components business because of improved conditions in the North American and European industrial manufacturing markets, the company said.
Shares of the company rose 94 cents, or 4 percent, to $24.66, in midday trading.
The company also raised its full-year earnings forecast to a range of $1.23 per share to $1.38 per share, up from an earlier forecast of $1.15 to $1.30. Revenue for this year is expected to rise 8 percent to 11 percent over $1.13 billion in 2010.
Analysts are predicting full-year earnings of $1.25 per share on revenue of $1.2 billion.