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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
SECOND QUARTER FINANCIAL RESULTS
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Second quarter sales up 5.8% year-over-year |
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Second quarter profitability improves significantly with net income attributable to Twin Disc of $1.1 million, and EBITDA* of $6.3 million |
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Six-month backlog of $124.0 million at December 30, 2022, up 22.5% from June 30, 2022, and up 25.4% from December 31, 2021 |
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Management remains optimistic financial and operating results will accelerate throughout fiscal year 2023 |
RACINE, WISCONSIN — February 3, 2023 —
Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2023 second quarter and first half ended December 30, 2022.
Sales for the fiscal 2023 second quarter were $63.4 million, compared to $59.9 million for the same period last year. The 5.8% increase in fiscal 2023 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 continued to limit sales growth in the quarter. Foreign currency exchange had a $5.0 million negative impact on fiscal 2023 second quarter sales and a $9.9 million negative impact on fiscal 2023 year-to-date sales. Year-to-date sales increased 10.8% to $119.3 million, compared to $107.7 million for the fiscal 2022 first half. Excluding the unfavorable impact of foreign currency translation, sales improved 14.2% for the quarter and 20.0% for the first half.
John H. Batten, President and Chief Executive Officer, commented: “Positive demand across our global markets continued to support sales and backlog growth during the fiscal 2023 second quarter. The progress we are making is encouraging as we remain focused on navigating supply chain challenges and higher component costs. This is a testament to the hard work and dedication of our global team members. Profitability at our European operations increased significantly during the second quarter as pricing and efficiencies improved, which combined with a favorable mix of sales, increased gross profit dollars by 26.3% during the second quarter from the same period a year ago.”
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Global sales of industrial products improved (5.1%) primarily due to a strong first quarter in North America, while shipments of marine and propulsion products improved by 5.9% and off-highway transmission shipments grew by 19.8% compared with the prior year first half.
The Companys operation in the Netherlands was up $1.6 million (13.3%) compared to the second fiscal quarter of 2022, primarily due to improving market demand and strong operational execution, partially offset by an unfavorable currency impact and supply chain limitations.
The Companys operation in the Netherlands was up $0.8 million (3.9%) compared to the first half of fiscal 2022, primarily due to improving market demand and strong operational execution, partially offset by an unfavorable currency impact and supply chain limitations.
The improvement over the prior year is primarily the result of additional volume ($0.8 million), a more favorable mix of product shipments ($0.7 million) and progress on margin improvement actions related to pricing and cost efficiencies ($2.0 million).
Similarly, the Companys Belgian operation saw an increase compared to the prior year second quarter (6.7% or $0.3 million), with improving demand partially offset by an unfavorable translation effect.
The Company?s Italian manufacturing operations...Read more
The Company?s Italian manufacturing operations...Read more
The improvement over the prior...Read more
The Company?s European distribution operation...Read more
The Company?s European distribution operation...Read more
In addition to the assumptions...Read more
The Netherlands increase was primarily...Read more
Global sales of industrial products...Read more
ME&A expenses increased $0.7 million...Read more
ME&A expenses increased $2.7 million...Read more
The North American region enjoyed...Read more
The North American region enjoyed...Read more
Currency translation had an unfavorable...Read more
Currency translation had an unfavorable...Read more
The prior year first half...Read more
Cash increased by $1.0 million...Read more
Our distribution segment experienced a...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 had capital spending...Read more
New Accounting Releases See Note...Read more
20 Comparison of the Second...Read more
Accounts payable as of December...Read more
The U.S. manufacturing operations experienced...Read more
The U.S. manufacturing operations experienced...Read more
The increase in ME&A spending...Read more
Comparison of the First Half...Read more
23 Inventories increased by $9.1...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: 0001437749-23-002730
Submitted to the SEC: Wed Feb 08 2023 6:33:40 AM EST
Accepted by the SEC: Wed Feb 08 2023
Period: Friday, December 30, 2022
Industry: General Industrial Machinery And Equipment