Twin Disc today reported an increase in sales for its fourth quarter and the full fiscal year.
Sales for the quarter that ended June 30 were $97.4 million, compared with $64.3 million in the fourth quarter of fiscal 2010. Sales totaled $310.4 million in fiscal 2011, compared with $227.5 million in fiscal 2010.
The improvement in sales for the quarter and the year was primarily the result of growing demand from customers in the oil and gas market, the company said. The company also saw modest growth in the aftermarket and industrial products markets.
Stable demand continued from the land- and marine-based military, airport rescue and firefighting, pleasure craft and commercial marine markets.
Twin Disc’s net fourth-quarter earnings were $7.6 million, or 66 cents a diluted share, compared with $2.04 million, or 18 cents a diluted share, in the fourth quarter of fiscal 2010.
For fiscal 2011, net earnings were $18.8 million, or $1.64 a diluted share, compared with $597,000, or 5 cents a diluted share, in fiscal 2010.
“Fiscal 2011 was our best year since the 2008 economic downturn, and the fiscal 2011 fourth quarter was the highest sales quarter in our history,” chairman and CEO Michael Batten said in a statement. “These results were driven primarily by outstanding demand from customers in the oil and gas industry for our 8500 series transmission system. We are encouraged by the contribution and increasing demand from many of our other markets in the fiscal 2011 fourth quarter that have recovered from the economic downturn.
“In fact, most of our end markets ended the year higher than they were in fiscal 2009. We believe the growth of our product sales throughout our business is the result of market demand and not due to inventory restocking, and we are optimistic these trends will continue,” he added. “We continue to benefit from our design differentiation and from introducing new product innovations to the market.”
Batten said the company is “experiencing an increasing level of customer interest for our revolutionary Express Joystick System, which is expected to contribute to our growth in fiscal 2012 as well as drive sales of complementary Twin Disc marine products.”