Twin Disc Inc. reported higher profits during its fiscal third quarter.
The Racine, Wis.-based company said Tuesday it earned $4.5 million, or 40 cents a share, for the quarter that ended March 25, compared with $1.5 million, or 13 cents a share, in the same quarter a year earlier.
Twin Disc, which designs, makes and sells marine and heavy-duty off-highway power transmission equipment, said sales for the quarter rose to $76.5 million, compared with $61 million in the same quarter a year earlier. For the first nine months of the fiscal year, Twin Disc reported sales of $213 million, compared with $163.2 million for the first nine months of fiscal 2010.
The improvement in sales for the recent quarter primarily stemmed from growing demand in the oil and gas market, according to the company, which also saw modest growth in the aftermarket and industrial products markets. Stable demand continued in the land- and marine-based military, airport rescue and firefighting, pleasure craft and commercial marine markets.
Twin Disc hosted a conference call Tuesday to discuss the results and answer questions. Access to a replay is available until midnight on April 26 by calling (877) 870-5176. The access code is 4432000.
The conference call also was broadcast live over the Internet. An archived version was to be available at Twin Disc's website afterward.
The company also said Tuesday that its board declared a regular quarterly cash dividend of 8 cents a share, payable June 1, to shareholders of record on May 13.