Twin Disc reported a “significant decline” in fiscal 2016 first-quarter sales, from $64.8 million to about $37.4 million, because of a global decline in oil and natural gas prices, along with softening demand in Asia for the company’s commercial marine products.
Earnings and Analysts
Quarterly earnings statements from public companies and periodic reports from analysts reveal the health and direction of the industry.
Twin Disc’s net earnings increased 207 percent for fiscal year 2015 to $11.17 million on relatively flat sales, which dropped in the fourth quarter to $67.33 million, compared to $73.56 million the year prior.
Chaparral Boats might have slipped a couple of basis points in market share, but it still holds the No. 1 spot.
Marine Products Corp., the parent company of Chaparral, Robalo and Vortex jetboats, attributed a 24 percent hike in second-quarter net sales to higher unit sales of Vortex jetboats, Robalo outboard sportfishing boats and Chaparral SunCoast Sportdeck outboards.
FLIR Systems Inc. said today that second-quarter revenue was lower in its marine segment, in part because of foreign currency exchange fluctuations.
Marine Products Corp., the parent company of Chaparral and Robalo boats, said it generated first-quarter net sales of $50.6 million, a 6.2 percent increase from $47.7 million in the same period last year.
Twin Disc reported fiscal third-quarter sales that were flat with last year and swung to a profit for the quarter that beat expectations by 12 cents a share.
MarineMax executives were disappointed that they didn’t hit Wall Street’s targets, saying that selling off aging inventory and increasing marketing spending were among the reasons it missed analysts’ second-quarter earnings projections by $1.11 million — although the company still saw year-to-date sales up 34 percent from last year.
FLIR Systems Inc. today reported lower first-quarter revenue, but higher profits.
MarineMax will release its second-quarter earnings report April 23.