Twin Disc reports 3Q resultsPosted on
Fiscal third-quarter sales increased 8.8 percent for Twin Disc Inc., to its highest level in two years.
The company said sales for the quarter increased to almost $45.1 million, up from $41.4 million in the quarter last year. For the year through March 31, sales were $114.6 million, compared with $123.6 million for the same nine-month period in the prior fiscal year.
The company reported a net loss for the quarter of $1.85 million, or 16 cents a share, compared with a loss of $963,000, or 9 cents a share, in the quarter last year.
Through its third quarter, the company said it had a net loss of $7.5 million, or 66 cents a share, compared with a loss of $7.6 million, or 68 cents a share, during the same nine-month period in the prior fiscal year.
The company said the increase in third-quarter sales was primarily attributable to improved demand for the company’s 8500 series transmission systems from North American pressure pumping customers and higher sales of aftermarket components, partially offset by softening demand across the company’s other product categories and geographies.
The six-month backlog was $49.8 million, compared with $35.7 million last year, CEO John Batten said.
“The increased backlog represents additional 8500 series transmissions yet to be shipped and favorable aftermarket trends from customers in the oil and gas, industrial and marine markets,” Batten said in a statement.
“While we are encouraged by our near-term outlook, we have limited demand visibility across many of our markets past the fiscal 2017 fourth quarter,” Batten added. “We are closely watching our end markets for sustained signs of improvements and will respond as necessary to capitalize on market trends, while providing customers exceptional products and services. As we finish fiscal 2017 we will focus on expanding production efficiency initiatives, controlling costs, growing market share within all markets and executing strategies to improve Twin Disc’s market diversification.”