Barnes’ European sale erodes 4Q net


From Hartford Business –

A $26.1 million loss on the sale of a European business unit wiped out profits from strong sales, leaving Bristol manufacturer Barnes Group with a 99 percent drop in fourth-quarter net income.

For three months ended Dec. 31, Barnes netted $66,000, or zero cents share, down sharply from $11.5 million, or 23 cents a share, in the 2010 fourth quarter.

In the quarter, it completed the $35 million sale of its Barnes Distribution Europe business to Germany's Berner SE. Barnes recorded a $26.1 million loss on the sale, including a $16.8 million goodwill impairment charge.

That loss offset the $23.8 million the company netted from its continuing operations in the fourth quarter.

Fourth-quarter sales rose 9.7 percent to $283.3 million vs. $258.2 million a year earlier.

For the entire year, Barnes' net was $64.7 million, or $1.16 per share, up from $53.3 million, or 95 cents per share, in 2010.

Revenues for 2011 were $1.2 billion vs. $1 billion in 2011.

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