Twin Disc today reported a drop in sales for the third quarter and nine months ending March 27.
The company says sales for the third quarter were $69.3 million compared to $85.8 million for the fiscal 2008 third quarter. Year-to-date sales were $232.6 million compared to $241.3 million for the same period of 2008.
"The decline in sales for the fiscal 2009 third quarter was primarily due to lower sales of products to customers in the megayacht, oil and gas, and industrial markets," the company said in a statement. "This was partially offset by higher sales to customers in the commercial marine, land-based military and airport rescue firefighting markets."
Net earnings for the third quarter were $2.85 million, or 26 cents per diluted share, compared with $7.93 million, or 70 cents per diluted share in the same period of 2008.
Year-to-date earnings were $8.75 million or 78 cents per diluted share, compared to $17.24 million, or $1.51 per diluted share in the same period of 2008.
"Going into the third quarter, we knew that Twin Disc was not immune from the challenges facing the global economy and while we saw signs of softening in certain markets as early as the first quarter, our overall business remained firm," chairman and CEO Michael Batten said in a statement.
"However, beginning in February and accelerating during the remainder of the third quarter, we experienced significant slowdown in volumes and orders throughout certain markets such as the megayacht and industrial markets that we had not experienced during the fiscal 2008 first half," he added.