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Exhibit 99.1
NEWS RELEASE |
Corporate Offices:
1328 Racine Street
Racine, WI 53403
FOR IMMEDIATE RELEASE | |
Contact: Jeffrey S. Knutson | |
(262) 638-4242 |
TWIN DISC, INC. ANNOUNCES FISCAL 2022
SECOND QUARTER FINANCIAL RESULTS
● Second quarter sales up 23.3% year-over-year |
● Six-month backlog of $98.9 million at December 31, 2021, was the highest level since August 2019 |
● Management remains optimistic recovery is underway as order rates and demand improve |
RACINE, WISCONSIN — February 2, 2022 —
Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2022 second quarter and first half ended December 31, 2021.
Sales for the fiscal 2022 second quarter were $59.9 million, compared to $48.6 million for the same period last year. The 23.3% increase in fiscal 2022 second quarter net sales was primarily due to improving demand within the Company’s global oil and gas, industrial and marine markets compared to the same period last fiscal year. The positive impact of improving market conditions has been partially offset by significant global supply chain challenges, which limited sales growth in the quarter. Foreign currency exchange had a $1.0 million negative impact on fiscal 2022 second quarter sales and a $0.5 million negative impact on fiscal 2022 year-to-date sales. Year-to-date sales increased 13.6% to $107.7 million, compared to $94.7 million for the fiscal 2021 first half.
John H. Batten, President and Chief Executive Officer, commented: “Demand strengthened across many of our global markets during the fiscal 2022 second quarter, and we believe recent trends indicate sustained sales growth will continue this fiscal year. We were not immune from unprecedented global supply chain challenges and higher raw material costs, which impacted second quarter shipments and gross margin. We expect gross margin and overall profitability will improve throughout the remainder of fiscal 2022, as we proactively manage expenses and prudently increase selling prices to offset tight raw material supply conditions.”
“Our six-month backlog at December 31, 2021, was $98.9 million, compared to $86.1 million at September 24, 2021, and $70.3 million at June 30, 2021. Strong orders and demand trends across many of our global markets drove a 15% increase in our six-month backlog over the past three months to the highest level since August 2019. We are also experiencing increased aftermarket sales to North America pressure pumping customers. We are optimistic that recent aftermarket orders, combined with higher oil and gas prices will support a growing investment cycle over the coming quarters for new pressure pumping rigs in North America. In addition, with a robust inventory position of finished pressure pumping transmission systems, we believe we are well positioned to capitalize on expected improvements in the oil and gas industry. As a result, we continue to believe fiscal 2022 will be a good year of profitable growth for Twin Disc.”
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Twin Disc Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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The current quarter result reflects the benefit of improved volume for the quarter ($0.4 million) and a favorable mix impact ($2.2 million primarily due to strong aftermarket and global energy demand), along with the positive impact of pricing actions taken early in the quarter.
The Company has approximately $0.8 million of unrecognized tax benefits, including related interest and penalties, as of March 25, 2022, which, if recognized, would favorably impact the effective tax rate.
During the first nine months, the Company reported negative free cash flow of $9.6 million (defined as operating cash flow less acquisitions of fixed assets), which excludes the sale of the Swiss facility for $9.1 million.
This increase is primarily attributable to the increase in inventory driven by supply chain imbalances, partially offset by the repatriation of cash from Switzerland following the sale of our Swiss facility in the first fiscal quarter.
The Companys North America distribution operation saw a decrease of 5.0%, while the Companys European distribution operation saw flat revenue in the quarter.
In addition to the assumptions...Read more
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The increase in net working...Read more
Global sales of industrial products...Read more
ME&A expenses increased $1.2 million...Read more
ME&A expenses increased $3.8 million...Read more
The North American region enjoyed...Read more
The Company was able to...Read more
Currency translation had an unfavorable...Read more
These increases were partially offset...Read more
These increases were partially offset...Read more
This change was already in...Read more
Currency translation had an unfavorable...Read more
The Company ended the quarter...Read more
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Cash increased $0.5 million to...Read more
Previously, the applicable margin was...Read more
The Company?s distribution operation in...Read more
Our distribution segment experienced a...Read more
These increases were primarily driven...Read more
During the financial covenant relief...Read more
The Company spent $2.4 million...Read more
The net remaining increase in...Read more
The Company?s capital program is...Read more
Upon the occurrence of an...Read more
Interest expense was down slightly...Read more
The fiscal 2022 third quarter...Read more
The total cost of this...Read more
New Accounting Releases See Note...Read more
Comparison of the Third Quarter...Read more
Interest expense was down slightly...Read more
The Amended and Restated Forbearance...Read more
Comparison of the First Three...Read more
Inventories increased by $16.1 million,...Read more
The impact of foreign currency...Read more
Financial Statements, Disclosures and Schedules
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Twin Disc Inc provided additional information to their SEC Filing as exhibits
Ticker: TWIN
CIK: 100378
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-010762
Submitted to the SEC: Wed May 04 2022 7:31:10 AM EST
Accepted by the SEC: Wed May 04 2022
Period: Friday, March 25, 2022
Industry: General Industrial Machinery And Equipment