--  Solid operating results drive earnings growth.
    --  Company continues to generate strong free cash flow.

"Our operating management teams have done an excellent job of positioning our three businesses to compete successfully in the current operating environment, as our financial results this quarter attest," said Edmund M. Carpenter, Barnes Group Inc.'s President and C.E.O. "Our strong results are particularly satisfying given that the environment for industrial companies remains quite challenging," Carpenter added.

Sales at Associated Spring were $80.9 million for the quarter ended September 30, 2002, up 24 percent from $65.2 million in the quarter ended September 30, 2001. Top line growth in the most recent period reflected approximately $12.3 million of incremental sales from recent acquisitions, solid demand for nitrogen gas springs, and strong growth in sales of products for the transportation sector. Sales to customers in the telecommunications and electronics industries, however, were off significantly from the year-ago period.

Associated Spring's operating profit was $6.5 million for the third quarter of 2002, compared with operating profit of $5.2 million in the third quarter of 2001. Operating profit growth reflected the higher sales volume and productivity improvements versus the 2001 period.

Carpenter commented, "The three acquisitions we have made since November, 2001 in Associated Spring -- Forward Industries, Seeger-Orbis and Spectrum Plastics -- are all meeting our expectations from both a top and bottom line standpoint. We are also continuing to benefit from higher light vehicle production versus last year. Growth in our nitrogen gas spring product lines also remains solid, with total sales up 17 percent year-over-year and organic sales up about six percent."

Sales at Barnes Aerospace were $45.8 million for the third quarter of 2002, down nine percent from $50.5 million in the third quarter of 2001. Operating profit fell to $1.3 million for the quarter ended September 30, 2002 from $5.0 million in the comparable year-ago period, reflecting the lower sales volume, approximately $0.7 million in severance expense, and higher manufacturing costs aimed at improving productivity. Barnes Aerospace recorded orders of $39 million during the third quarter of 2002; order backlog remained strong at $143 million at September 30, 2002, down approximately 10 percent from record year-end backlog of $159 million at December 31, 2001.

"The growth and customer diversification programs initiated by Barnes Aerospace several years ago are helping to mitigate some of the impact of the current aerospace downturn. Nevertheless, Barnes Aerospace management continued to lower the cost structure of the business during the third quarter through headcount reductions and other actions. All told, the steps that Barnes Aerospace management has taken this year, including a roughly 20 percent reduction in the workforce, should generate substantial cost savings going forward," Carpenter stated.

Sales at Barnes Distribution were $72.0 million for the quarter ended September 30, 2002, down one percent from $73.0 million in the quarter ended September 30, 2001. Barnes Distribution generated operating profit of $2.5 million for the third quarter of 2002, up from operating profit of $1.5 million in the third quarter of 2001. Operating profit benefited from a slightly higher gross profit margin and significantly reduced administrative and warehouse expenses versus the year-ago period, offset in part by the sales volume decline.

"Most of the value drivers behind our acquisition of Curtis Industries in 2000 are now being reflected in Barnes Distribution's operating results. Significantly lower infrastructure costs and an improved gross margin are driving higher profitability, even as top-line growth remains challenged by a general industrial environment that shows little sign of improvement," Carpenter stated. "Barnes Distribution management is continuing to find new ways to drive cost out of the system, and is at the same time aggressively pursuing new avenues for growth," Carpenter added.

"Our free cash flow in the third quarter was very strong at $16 million, bringing the total for the first nine months of this year to approximately $28 million," commented William C. Denninger, Barnes Group Inc.'s Chief Financial Officer. Barnes Group defines free cash flow as cash available before dividends, business acquisitions, share repurchases, and net changes in debt. "In addition to the strong operating performance we delivered this quarter, our net income also benefited from higher foreign currency gains, a lower effective tax rate and elimination of goodwill amortization. These factors were partially offset by higher post-retirement benefit costs," Denninger added.

For the first nine months of 2002, Barnes Group's net income was $22.3 million, up 12 percent from $19.9 million for the same period a year ago. Diluted earnings per share were $1.17 for the nine months ended September 30, 2002, compared with $1.05 in the same period of 2001. Net sales for the first nine months of 2002 were $600.4 million, up three percent from net sales of $585.2 million last year.

Carpenter concluded, "Against the backdrop of a tough economic environment, the managements of our three businesses are executing extremely well this year, driving the strong financial performance we have delivered to date. Looking out to the balance of 2002 and early 2003, our strategy will remain largely the same, as we will continue to run our businesses with the objective of generating sustainable, profitable growth and building lasting value for our shareholders."

Barnes Group will conduct a conference call with investors to discuss third quarter results on Friday, October 11, 2002 at 10:15 AM EDT. A webcast of the live call and archived replay will be available on the Barnes Group investor relations website (ir.barnesgroupinc.com).

Barnes Group Inc. (www.barnesgroupinc.com) is a diversified international manufacturer of precision metal parts and distributor of industrial supplies, serving a wide range of markets and customers. Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group consists of three businesses with 2001 sales of $769 million: Associated Spring, one of the world's largest manufacturers of precision mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer and repairer of highly engineered assemblies and products for aircraft engines, airframes, and land-based industrial gas turbines; and Barnes Distribution, an international distributor of maintenance, repair and operating supplies. Over 5,200 dedicated employees at more than 50 locations worldwide contribute to Barnes Group Inc.'s success.

This release may contain certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. Investors are encouraged to consider these risks and uncertainties as described within the Company's periodic filings with the Securities and Exchange Commission, including the following: the ability of the Company to integrate newly acquired businesses and to realize acquisition synergies on schedule; changes in market demand for the types of products and services produced and sold by Barnes Group; the Company's success in identifying, and attracting customers in, new markets; the Company's ability to develop new and enhanced products to meet customers' needs timely; changes in economic and political conditions, worldwide and in the locations where the Company does business; interest and foreign exchange rate fluctuations; and regulatory changes.

                           BARNES GROUP INC.
                   CONSOLIDATED STATEMENTS OF INCOME
             (Dollars in thousands, except per share data)
                              (Unaudited)
                            Three months ended       Nine months ended
                               September 30            September 30
                             2002        2001        2002        2001
Net sales             $   196,799 $   186,500 $   600,420 $   585,214
Cost of sales             134,524     125,178     407,028     391,630
Selling and admin.
 expenses                  52,256      49,702     158,054     154,771
                          186,780     174,880     565,082     546,401
Operating income           10,019      11,620      35,338      38,813
Other income                2,156         958       3,357       3,699
Interest expense            3,877       3,848      10,895      12,567
Other expenses                167       1,127         378       3,429
Income before income taxes  8,131       7,603      27,422      26,516
Income taxes                1,215       1,901       5,073       6,629
Net income              $   6,916   $   5,702  $   22,349  $   19,887
Per common share:
   Net income  - basic    $   .37     $   .31    $   1.20    $   1.07
   Net income  - diluted      .36         .30        1.17        1.05
   Dividends                  .20         .20         .60         .60
Average common shares
 outstanding - basic   18,839,580  18,481,546  18,697,265  18,536,308
             - diluted 19,150,751  18,998,071  19,156,896  18,949,447
                           BARNES GROUP INC.
                      CONSOLIDATED BALANCE SHEETS
                        (Dollars in thousands)
                               Unaudited
                                               September     September
                                                  2002          2001
Assets
Current assets
   Cash and short-term investments           $   38,923    $   37,934
   Accounts receivable                          111,216       115,839
   Inventories                                   85,413        81,447
   Deferred income taxes and prepaid expenses    28,092        25,939
      Total current assets                      263,644       261,159
Deferred income taxes                             7,342         7,635
Property, plant and equipment                   160,950       155,520
Goodwill                                        169,529       161,877
Other assets                                     71,712        62,379
                                            $   673,177   $   648,570
Liabilities and Stockholders' Equity
Current liabilities
   Notes payable                                 $   --     $   4,500
   Accounts payable                              68,526        71,163
   Accrued liabilities                           63,494        61,313
   Long-term debt - current                       8,227         1,459
      Total current liabilities                 140,247       138,435
Long-term debt                                  234,345       232,021
Deferred income taxes                             6,840         6,039
Other liabilities                                74,300        71,543
Stockholders' equity                            217,445       200,532
                                            $   673,177   $   648,570

CONTACT:          Barnes Group Inc.
                  Phillip J. Penn
                  Investor Relations
                  860/973-2126
                  or
                  Stephen J. McKelvey
                  Corporate Communications
                  860/973-2132

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