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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 2023
FIRST QUARTER FINANCIAL RESULTS
● First quarter sales up 17.1% year-over-year and are up 27.2% on a constant currency1 basis |
● Six-month backlog of $108.9 million at September 30, 2022, up 7.6% from June 30, 2022 and up 26.5% from September 24, 2021 |
● Management optimistic financial and operating results will accelerate throughout fiscal year 2023 |
RACINE, WISCONSIN — November 4, 2022 — Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2023 first quarter ended September 30, 2022.
Sales for the fiscal 2023 first quarter were $55.9 million, compared to $47.8 million for the same period last year. The 17.1% increase in 2023 first quarter 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 was partially offset by global supply chain challenges, which continued to limit sales growth during the fiscal 2023 first quarter. Foreign currency exchange had a $4.8 million negative impact on fiscal 2023 first quarter sales. On a constant currency1 basis first quarter sales increased 27.2%. The strengthening of the US dollar has also negatively impacted our competitiveness on US produced goods sold into Europe.
John H. Batten, President and Chief Executive Officer, commented: “Trends across our global markets are recovering, and helped drive solid year-over-year sales growth during the first quarter, despite continued supply chain issues and the impact of foreign currency exchange rates. Continued supply chain challenges and higher component costs had a material impact on our European operations’ profitability during the first quarter. We are taking quick and decisive actions to improve performance, focusing resources on supply chain issues and reducing our European cost structure. We expect these actions will improve our gross profit margin throughout the remainder of fiscal year 2023.”
“Our six-month backlog at September 30, 2022, was $108.9 million, compared to $86.1 million at September 24, 2021, and $101.2 million at June 30, 2022. Our growing backlog is supported by strengthening demand across many of our global markets as well as new, market-leading transmission and power control systems for hybrid, hydrogen, and electric vehicle applications. In addition, we continue to anticipate renewed investments from North American pressure pumping operators will benefit our financial results during fiscal year 2023. While we are disappointed by first quarter profitability, we expect sales and profitability to improve throughout the remainder of the year and we believe fiscal 2023 will be a year of robust sales growth and higher profitability,” concluded Mr. Batten.
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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 Companys Italian manufacturing operations were up $0.8 million (15.7%) compared to the first quarter of fiscal 2022, with improving execution and limited supply chain interruptions.
In addition to the assumptions and information referred to specifically in the forward-looking statements, other factors, including but not limited to those factors discussed under Item 1A, Risk Factors, of the Companys Annual Report filed on Form 10-K for June 30, 2022, as supplemented in this Quarterly Report, could cause actual results to be materially different from what is expressed or implied in any forward-looking statement.
The Companys operation in the Netherlands was down $0.8 million (9.6%) compared to the first fiscal quarter of 2022, primarily due to an unfavorable currency impact ($1.3 million), with shipments also hampered by supply chain shortages and customer requested delivery delays.
Sales into the Asia Pacific region increased 8.2%, or $0.9 million, primarily due to improving shipments of oil and gas related products into China.
ME&A expenses increased $2.0 million (15.2%) versus the same period last fiscal year.
The North American region enjoyed...Read more
Global sales of industrial products...Read more
These increases were primarily driven...Read more
The net loss during the...Read more
Gross profit as a percentage...Read more
Currency translation had an unfavorable...Read more
The prior year first quarter...Read more
Cash increased by $0.7 million...Read more
The Company had capital spending...Read more
These anticipated expenditures reflect the...Read more
The net remaining increase in...Read more
The Company?s capital program is...Read more
The Company?s Asian distribution operations...Read more
The Company?s European distribution operation...Read more
21 New Accounting Releases See...Read more
The increase in ME&A spending...Read more
18 Comparison of the First...Read more
The remaining increase is primarily...Read more
The U.S. manufacturing operations experienced...Read more
Inventories increased by $1.0 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: 0001437749-22-026461
Submitted to the SEC: Wed Nov 09 2022 8:30:45 AM EST
Accepted by the SEC: Wed Nov 09 2022
Period: Friday, September 30, 2022
Industry: General Industrial Machinery And Equipment