Twin Disc reports 1Q results

Posted on

Twin Disc announced a decline in sales but a slight increase in profits for its fiscal 2014 first quarter, reporting that sales to customers serving the global megayacht market remained at historical lows in the quarter.

Demand remained steady for equipment used in the industrial, airport rescue and firefighting markets, the company announced.

Sales dropped from $68.8 million in the first quarter of fiscal 2013 to $66.4 million for the quarter that ended Sept. 27 this year.

Net earnings for the fiscal 2014 first quarter were $1.28 million, or 11 cents a diluted share, compared with $1.23 million, also 11 cents a share, in the quarter a year earlier.

“We continue to see strong demand from our global commercial marine customers in the international oil and gas market, which is somewhat offset by continuing weak activity from European markets and global megayacht customers,” chairman and CEO Michael Batten said in a conference call with investors.

Batten, 73, also discussed this being his last call as CEO because he is stepping down, effective Nov. 1, and retiring Dec. 31. He will continue to serve as non-executive chairman of the company’s board. He has been employed at Twin Disc for 43 years.

John Batten, 47, was named president and chief operating officer of the company.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.


Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

What will be the effect of low gas prices on the marine industry?

View Results

Loading ... Loading ...

Search Boats for Sale


Login to Trade Only Today

Lost Password