Twin Disc reports 1Q results

Publish date:
Social count:

Twin Disc Inc. today reported lower sales of $64.8 million in its fiscal 2015 first quarter, compared with $66.4 million a year earlier, attributing the decline to softening demand in the company’s Asian markets for commercial marine and oil and gas products.

Wisconsin-based Twin Disc said the decline was partially offset by increased shipments to its North American pressure-pumping customers. The company designs, makes and sells marine and heavy-duty off-highway power transmission equipment.

Net earnings for the quarter that ended Sept. 26 rose to $4 million, or 36 cents a diluted share, from $1.3 million, or 11 cents a share, in the quarter last year.

Gross margin for the quarter was 34.5 percent, compared with 31.1 percent last year. The increase in gross margin was the result of a more profitable mix of business, primarily driven by higher shipments of pressure-pumping transmissions to North American customers, the company said.

“While quarterly sales declined 2.4 percent, we experienced an 8.3 percent improvement in gross profit dollars as a result of higher oil and gas transmission systems to customers in North America,”president and CEO John Batten said in a statement.

“We are cautiously optimistic demand from the North American oil and gas market will improve throughout the year, but the timing of orders may vary from quarter to quarter."


MarineMax has strong second quarter

MarineMax grew revenue more than 10 percent to $270.6 million in the second quarter, prompting the company again to raise its annual expectations to $1.44 to $1.50 versus its prior expectations of $1.30 to $1.40 per-diluted-share.

Brunswick releases first quarter sales

Brunswick Corp. announced that consolidated net sales increased 7 percent in the first quarter, with the marine engine segment up 9 percent and the boat segment rising 7 percent over last year.

Flir posts first quarter results

First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.