Twin Disc Inc. today reported an increase in sales for the first quarter of fiscal 2011, which ended Sept. 24. The company also reported continued challenges in its megayacht business.
Sales for the period improved to $61.4 million from $47.1 million in the same period last year. The improvement was the result of growing demand from customers in the oil and gas market.
Stable demand continues from the airport, rescue and firefighting, land- and marine-based military and commercial marine markets.
Net earnings attributable to Twin Disc for the fiscal 2011 first quarter were $2.7 million, or 24 cents a diluted share, compared with a net loss of $2.4 million, or 22 cents a diluted share, for the fiscal 2010 first quarter.
"Demand for our oil and gas transmission systems continues to have a profound impact on our sales, profitability and backlog. This demand is being driven by positive market trends from customers in the oil and gas industry building high-horsepower rigs, where our transmission systems continue to be the industry leader for these kinds of applications," chairman and CEO Michael Batten said in a statement.
"The commercial marine, pleasure craft, industrial, defense and [airport , rescue and firefighting] markets remain very important markets for us and we are confident in their long-term growth," he added. "The industrial market, which has been difficult for the past several quarters, is beginning to stabilize. Demand from the defense, [airport , rescue and firefighting] and commercial marine markets continues to be good, while demand from the pleasure craft market remains depressed."