Welcome to our dedicated page for Twin Disc, Incorporated news (Ticker: TWIN), a resource for investors and traders seeking the latest updates and insights on Twin Disc, Incorporated stock.
Twin Disc, Incorporated (NASDAQ: TWIN) is a leading manufacturer and distributor of marine and heavy-duty off-highway power transmission equipment. Established nearly a century ago, Twin Disc has consistently developed, engineered, and manufactured top-tier power transmission products that play a pivotal role in various industrial applications. The company’s extensive product portfolio includes marine transmissions, azimuth drives, surface drives, propellers, and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, and control systems.
Twin Disc operates through two primary segments: Manufacturing and Distribution. Their products are integral to the efficiency and functionality of farm tractors, road pavers, cranes, mining trucks, oil rigs, logging equipment, firefighting and rescue vehicles, pleasure craft, fishing and work boats, pumps, and turbines. Essentially, wherever there is a need to convert horsepower into productivity, Twin Disc provides the solutions.
The company has a strong presence in the pleasure craft, commercial, and military marine markets, as well as in the energy and natural resources sectors. It has continually expanded its global footprint, with sales transacted through both a direct sales force and an extensive distributor network.
Recent achievements include a noteworthy performance in the fiscal 2024 first quarter, ending September 29, 2023, where Twin Disc reported sales of $63.6 million, marking a 13.7% year-over-year increase. The company also saw a 25.1% boost in gross profit to $16.6 million, despite macroeconomic volatility. Notably, they reinstated their quarterly dividend, reflecting confidence in sustained growth and financial stability.
In its second quarter of fiscal 2024, Twin Disc continued this upward trajectory with a 15.2% year-over-year increase in sales to $73.0 million and a gross profit rise of 21.8%. The company attributes this success to strong demand in the Marine and Propulsion Systems and Land-Based Transmissions markets, a favorable product mix, effective operational strategies, and easing supply chain challenges.
Highlighting their strategic expansion, Twin Disc entered into a definitive agreement to acquire Katsa Oy, a reputable European manufacturer of power transmission components and gearboxes, for €21 million. This acquisition aims to expand Twin Disc's reach in the European market and enhance their product offerings in the industrial, marine, and hybrid/electrification sectors.
Financially, Twin Disc has shown resilience with a significant reduction in net debt and an increase in cash reserves, driven by robust cash generation and disciplined capital management. These financial strategies underpin the company's ability to navigate the volatile economic landscape while pursuing growth opportunities.
Twin Disc, Inc. announced its fiscal 2024 third quarter results, showcasing a 50 basis points increase in sales to $74.2 million. The company reported a gross margin of 28.2%, net income of $3.8 million, and EBITDA of $7.0 million. Twin Disc's CEO highlighted the solid performance, margin expansion, and strong cash flow generation despite macroeconomic challenges. Sales increased in Europe, decreased in North America, and remained flat in Asia-Pacific. The company also announced the acquisition of Katsa Oy to broaden its offerings and global footprint. Third-quarter results included improved gross profit, increased ME&A expenses, and net income growth. EBITDA remained strong at $7.0 million, with a solid six-month backlog of $130.5 million. Twin Disc's balance sheet showed positive trends, with increased cash and decreased debt.
FAQ
What is the current stock price of Twin Disc, Incorporated (TWIN)?
What is the market cap of Twin Disc, Incorporated (TWIN)?
What does Twin Disc, Incorporated do?
How long has Twin Disc been in business?
What are the primary markets for Twin Disc's products?
What were Twin Disc's financial highlights for the fiscal 2024 first quarter?
What recent acquisition has Twin Disc made?
How does Twin Disc distribute its products?
What are some key product offerings from Twin Disc?
What was Twin Disc's gross profit growth in the fiscal 2024 second quarter?
What is Twin Disc's strategy for future growth?
Where can I find more information about Twin Disc's financial performance?
