Twin Disc reports 4Q, year-end results

Publish date:

Twin Disc said today that it increased its sales by 25.7 percent during its fiscal fourth quarter, the highest growth rate the company has seen in 23 quarters.

Sales for the quarter that ended June 30 were $53.6 million, compared with $42.7 million in the same period last year. For the full fiscal year, sales were $168.18 million, compared with $166.28 million in fiscal 2016.

The company said the increase in fourth-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.

“I am encouraged by improving oil and gas demand,” Twin Disc president and CEO John Batten said in a statement. “We have also started to see positive signs in our global patrol boat and North American inland marine markets, but remain cautious within our overall commercial marine, pleasure craft, airport rescue and firefighting, military and industrial markets.”

Gross fourth-quarter profit was 31.4 percent, 520 basis points higher than 26.2 percent in the same period last year.

Net fourth-quarter earnings attributable to Twin Disc were $1.16 million, or 10 cents a diluted share, compared with a net loss of $5.52 million, or 48 cents a share, in the fiscal 2016 fourth quarter.

For the full fiscal year the net loss attributable to Twin Disc was $6.29 million, or 56 cents a share, compared with a loss of $13.1 million, or $1.17 a share, in the previous fiscal year.

For the full 2017 fiscal year, the company’s gross margin was 28.7 percent, compared with 24.4 percent the previous year.