Twin Disc reports 2Q results

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Twin Disc today reported an increase in sales and gross margin for its second quarter, which ended Dec. 30.

Sales for the second quarter of fiscal 2012 improved to $82,941,000, from $75,160,000 in the same period last year. For the year to date, sales are $164,271,000, compared with $136,555,000 for the fiscal 2011 first half.

“The improvement in sales was the result of strong demand from customers in the oil and gas markets,” the company said in a statement. “Stable to slightly increased sales continued in a majority of the company's other markets, including aftermarket, industrial, airport rescue and firefighting, land- and marine-based military, commercial marine and pleasure craft markets.”

Gross margin for the second quarter of fiscal 2012 was 35.6 percent, compared with 31.6 percent in the second quarter of fiscal 2011 and 37.8 percent in the first quarter of fiscal 2012.

Net earnings attributable to Twin Disc for the second quarter of fiscal 2012 were $5,857,000, or 51 cents a diluted share, compared with $4,034,000, or 35 cents a diluted share, for the fiscal 2011 second quarter. For the year to date, net earnings attributable to Twin Disc are $15,438,000, or $1.34 a diluted share, compared with $6,690,000, or 59 cents a diluted share, for the fiscal 2011 first half.

“We continue to see strong demand for our products, which is reflected in our fiscal 2012 second-quarter results. While profitability in the second quarter was down from an exceptionally strong first-quarter period, the second quarter represents the strongest second quarter in sales, gross margin and net income the company has ever achieved,” chairman and CEO Michael Batten said in a statement.

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