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Twin Disc reports 1Q results

Twin Disc today reported increases in sales and profits for its first quarter, which ended Sept. 30.

Sales for the quarter, seasonally the weakest quarter of the company’s fiscal year, improved to $81.3 million from $61.4 million for the same period last year.

Net earnings attributable to Twin Disc for the quarter were $9.6 million, or 83 cents a diluted share, compared with $2.7 million, or 24 cents a diluted share, for the first quarter a year earlier.

“The improvement in sales was the result of strong demand from customers in the oil and gas markets, as well as growing demand in our aftermarket, industrial and airport rescue and firefighting markets,” the company said in a statement. “The megayacht and pleasure craft marine markets showed modest improvements in shipments and order activity in the first quarter versus the same period a year ago, albeit off of depressed levels.”

Gross margin for the fiscal 2012 first quarter was a record 37.8 percent, compared with 32.6 percent in the first quarter last year.

“This was an exceptionally strong period, and we are encouraged by the first quarter's record operating and financial results,” chairman and CEO Michael Batten said in a statement.

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