Twin Disc today reported improved sales for the third quarter, which ended March 30.
Sales for the period improved to $95.5 million from $76.5 million for the same period last year. For the fiscal year to date, sales were $259.8 million, compared with $213 million for the first nine months of fiscal 2011.
The improvement in sales was the result of strong demand from customers in the oil and gas markets. 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, and commercial marine.
Pleasure craft markets continue at depressed levels, largely affecting the company's European operations, Twin Disc said.
Gross margin for the fiscal 2012 third quarter was 34.6 percent, compared with 36.3 percent in the fiscal 2011 third quarter and 35.6 percent in the fiscal 2012 second quarter.
Net earnings for the fiscal 2012 third quarter were $9.4 million, or 81 cents a diluted share, compared with $4.55 million, or 40 cents a diluted share, for the fiscal 2011 third quarter. For the year to date, net earnings were $24.8 million, or $2.15 a diluted share, compared with $11.2 million, or 98 cents a diluted share, for the fiscal 2011 nine-month period.
“The fiscal 2012 third quarter was one of the best overall quarters the company has ever experienced and was the best third quarter the company has ever achieved,” chairman and CEO Michael Batten said in a statement. “Our historic success throughout the year has been driven by robust demand for our oil and gas products and, with the exception of the pleasure craft market, shipments across all our end markets increased during the quarter.
“With one quarter remaining in fiscal 2012 we are confident we will achieve many financial and operating milestones for the year,” he added. “As we look to fiscal 2013, we expect it to be another good year, but down from the record levels we have experienced in fiscal 2012. While changes in the oil and gas landscape have caused our near-term outlook to be cautious, Twin Disc has never been a stronger company.”