Twin Disc reports 3Q results

Twin Disc Inc. reported fiscal 3Q sales that were flat with last year and swung to a profit for the quarter that beat expectations by 12 cents a share.
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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.

Revenue was $60.9 million for the quarter that ended March 27, up slightly from $60.7 million last year, but it missed expectations by $2.45 million.

The company reported a profit for the quarter of $2.95 million, or 26 cents a diluted share, compared with a loss of $475,000, or 4 cents a share, a year earlier.

"The first nine months of fiscal 2015 have produced strong top- and bottom-line results, primarily due to better year-over-year demand from North American pressure-pumping customers,” president and CEO John Batten said in a statement.

“Also helping sales in the quarter was higher demand for marine transmissions and aftermarket activity, which were partially offset by the impact of the strengthening U.S. dollar on foreign currency translation,” Batten said.

For the first nine months of the fiscal year, Twin Disc’s sales were $198.5 million, compared with $190.3 million for the first nine months of the previous fiscal year.

The company said the slight increase in fiscal 2015 third-quarter sales resulted from higher shipments at its North American manufacturing and distribution operations across most product markets, offset by moderating demand in the company's Asian markets for commercial marine, and oil and gas products.

Demand in the fiscal 2015 third quarter from European customers remained weak and continued to moderate in Asia; overall demand in North America was stable, influenced by the company's commercial marine, industrial products, and oil and gas markets.

For the 2015 third quarter and the nine-month period, foreign currency translations negatively affected sales by $3.25 million and $4.86 million, respectively.

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