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. (NASDAQ: TWIN) announced its fiscal 2023 third-quarter results will be released on April 28, 2023, at 9:30 am Eastern. The company will also host a webcast and conference call at 11:00 am Eastern to discuss the results, followed by a Q&A session with investors. The live audio webcast can be accessed on Twin Disc’s website, and those wishing to participate by phone should dial 877-407-9039 ten minutes prior to the call. A replay will be accessible shortly after the discussion until April 27, 2024. Twin Disc specializes in designing and manufacturing marine and heavy-duty off-highway power transmission equipment, with a diverse range of products for various markets.
Twin Disc reported a 5.8% increase in second quarter sales year-over-year, reaching $63.4 million. Net income improved to $1.1 million from a loss of ($3.8 million) in the same quarter last year. EBITDA stood at $6.3 million, marking a significant recovery from a loss of ($0.2 million) in the prior year. A six-month backlog at $124.0 million indicates strong demand, up 22.5% from June 30, 2022. However, foreign currency exchange impacts sales negatively by $5.0 million this quarter. Management remains optimistic, predicting further growth and higher profitability through fiscal 2023.
Twin Disc, Inc. (NASDAQ: TWIN) will announce its fiscal 2023 second-quarter financial results on February 3, 2023, before market opens. A conference call is scheduled for 11:00 a.m. ET the same day, allowing analysts and investors to discuss these results and ask questions. Interested listeners can join by calling 877-407-9039, with a replay available until midnight February 10, 2023. The call will also be live-streamed on Twin Disc’s website. The company specializes in marine and heavy-duty off-highway power transmission equipment, serving various markets including military, energy, and industrial sectors.
In the first quarter of fiscal 2023, Twin Disc (TWIN) reported sales of $55.9 million, a 17.1% increase from $47.8 million year-over-year. The backlog reached $108.9 million, rising 7.6% from June 30, 2022. Challenges included a $4.8 million negative impact from foreign exchange rates and ongoing supply chain issues. Gross profit margin decreased to 23.8% from 28.2% a year ago. The net loss for the quarter was ($2.0) million, or ($0.15) per share, compared to net income of $1.9 million, or $0.14 per share, in the prior year. Management anticipates improved results throughout fiscal 2023.
Twin Disc, Inc. (NASDAQ: TWIN) is set to release its fiscal 2023 first-quarter financial results on November 4, 2022, before market opening. A conference call is scheduled for 11:00 a.m. ET that day to discuss the results and answer questions. Interested participants can dial 877-407-9039 to join. The call will also be available via webcast on the company's website, with replay options from 2:00 p.m. ET that day until midnight November 11, 2022. The company specializes in marine and heavy-duty off-highway power transmission equipment.
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?
