Twin Disc Announces Full Year & Fourth Quarter Results
Twin Disc (NASDAQ: TWIN) reported strong results for fiscal year 2024 and Q4. Full-year highlights include:
- Sales increased 6.6% to $295.1 million
- Net income of $11.0 million
- EBITDA up 2.9% to $26.5 million
- Free cash flow of $25.0 million
Q4 highlights include:
- Sales up 0.6% to $84.4 million
- Net income of $7.4 million
- Strong operating cash flow of $11.5 million
The company saw robust demand in Land Based Transmissions and Marine businesses. Twin Disc acquired Katsa Oy to expand its industrial product line and reinstated its quarterly dividend. Management expects fiscal 2025 conditions to be similar to 2024 and provided updated medium-term growth targets.
Twin Disc (NASDAQ: TWIN) ha riportato risultati solidi per l'anno fiscale 2024 e il quarto trimestre. I punti salienti dell'anno includono:
- Le vendite sono aumentate del 6,6% raggiungendo i 295,1 milioni di dollari
- Un utile netto di 11,0 milioni di dollari
- EBITDA aumentato del 2,9% a 26,5 milioni di dollari
- Flusso di cassa libero di 25,0 milioni di dollari
I punti salienti del quarto trimestre includono:
- Le vendite sono aumentate dello 0,6% a 84,4 milioni di dollari
- Utile netto di 7,4 milioni di dollari
- Un forte flusso di cassa operativo di 11,5 milioni di dollari
L'azienda ha visto una domanda robusta nei settori delle Trasmissioni Terrestri e Marine. Twin Disc ha acquisito Katsa Oy per espandere la sua linea di prodotti industriali e ha ripristinato il suo dividendo trimestrale. La direzione si aspetta che le condizioni fiscali del 2025 siano simili a quelle del 2024 e ha fornito obiettivi di crescita a medio termine aggiornati.
Twin Disc (NASDAQ: TWIN) reportó resultados sólidos para el año fiscal 2024 y el cuarto trimestre. Los aspectos destacados del año completo incluyen:
- Las ventas aumentaron un 6.6% alcanzando los 295.1 millones de dólares
- Un ingreso neto de 11.0 millones de dólares
- EBITDA aumentó un 2.9% a 26.5 millones de dólares
- Flujo de caja libre de 25.0 millones de dólares
Los aspectos destacados del cuarto trimestre incluyen:
- Ventas incrementadas en un 0.6% a 84.4 millones de dólares
- Ingreso neto de 7.4 millones de dólares
- Fuerte flujo de caja operativo de 11.5 millones de dólares
La empresa experimentó una demanda robusta en las transmisiones terrestres y en los negocios marinos. Twin Disc adquirió Katsa Oy para expandir su línea de productos industriales y restableció su dividendo trimestral. La dirección espera que las condiciones fiscales de 2025 sean similares a las de 2024 y presentó objetivos de crecimiento a mediano plazo actualizados.
Twin Disc (NASDAQ: TWIN)가 2024 회계연도 및 4분기 실적을 발표했습니다. 연간 주요 성과는 다음과 같습니다:
- 매출이 6.6% 증가하여 2억 9,510만 달러에 도달함
- 순이익은 1,100만 달러임
- EBITDA는 2.9% 증가하여 2,650만 달러에 다다름
- 자유현금흐름은 2,500만 달러임
4분기 주요 성과는 다음과 같습니다:
- 매출이 0.6% 증가하여 8,440만 달러에 도달함
- 순이익은 740만 달러임
- 강력한 운영 현금흐름은 1,150만 달러임
회사는 육상 전송 및 해양 비즈니스에서 강력한 수요를 보았습니다. Twin Disc는 산업 제품 라인을 확장하기 위해 Katsa Oy를 인수하고 분기 배당금을 재개했습니다. 경영진은 2025 회계연도 조건이 2024년과 유사할 것으로 예상하며 개선된 중기 성장 목표를 제시했습니다.
Twin Disc (NASDAQ: TWIN) a annoncé des résultats solides pour l’exercice 2024 et le quatrième trimestre. Les points forts de l’année incluent :
- Les ventes ont augmenté de 6,6 % pour atteindre 295,1 millions de dollars
- Un bénéfice net de 11,0 millions de dollars
- EBITDA en hausse de 2,9 % à 26,5 millions de dollars
- Flux de trésorerie libre de 25,0 millions de dollars
Les points forts du quatrième trimestre incluent :
- Ventes en hausse de 0,6 % à 84,4 millions de dollars
- Bénéfice net de 7,4 millions de dollars
- Forte génération de trésorerie opérationnelle de 11,5 millions de dollars
L’entreprise a constaté une demande robuste dans le secteur des transmissions terrestres et maritimes. Twin Disc a acquis Katsa Oy pour étendre sa gamme de produits industriels et a rétabli son dividende trimestriel. La direction s’attend à ce que les conditions de l’exercice 2025 soient similaires à celles de 2024 et a fourni des objectifs de croissance à moyen terme mis à jour.
Twin Disc (NASDAQ: TWIN) hat starke Ergebnisse für das Geschäftsjahr 2024 und das vierte Quartal berichtet. Die Highlights des Geschäftsjahres sind:
- Umsatzsteigerung um 6,6 % auf 295,1 Millionen US-Dollar
- Nettoeinkommen von 11,0 Millionen US-Dollar
- EBITDA um 2,9 % auf 26,5 Millionen US-Dollar gestiegen
- Freier Cashflow von 25,0 Millionen US-Dollar
Highlights des vierten Quartals sind:
- Umsatzsteigerung um 0,6 % auf 84,4 Millionen US-Dollar
- Nettoeinkommen von 7,4 Millionen US-Dollar
- Starker operativer Cashflow von 11,5 Millionen US-Dollar
Das Unternehmen verzeichnete eine robuste Nachfrage im Bereich der landbasierten Übertragungen und der maritimen Geschäfte. Twin Disc hat Katsa Oy akquiriert, um sein industrielles Produktportfolio zu erweitern, und die vierteljährliche Dividende wieder eingeführt. Das Management erwartet, dass die Bedingungen im Geschäftsjahr 2025 ähnlich wie 2024 sein werden und hat aktualisierte Wachstumsziele für den Mittelstand vorgelegt.
- Sales increased 6.6% year-over-year to $295.1 million for fiscal 2024
- Net income attributable to Twin Disc was $11.0 million for fiscal 2024
- EBITDA increased 2.9% year-over-year to $26.5 million for fiscal 2024
- Free cash flow improved to $25.0 million compared to $15.0 million in the previous year
- Strong six-month backlog of $133.7 million supported by consistent end market demand
- Gross margin increased approximately 140 basis points to 28.2% for fiscal 2024
- Acquisition of Katsa Oy to expand global industrial product line
- ME&A expense increased by 22.9% to $20.4 million in Q4, primarily due to inflation and acquisition costs
- Net income per diluted share decreased to $0.53 in Q4 2024 from $0.62 in Q4 2023
- EBITDA decreased 9.1% in Q4 compared to the same period last year
- Total debt increased 38.6% to $25.8 million due to the Katsa acquisition
Insights
Twin Disc's fiscal 2024 results demonstrate resilience in a challenging macroeconomic environment. The 6.6% year-over-year revenue growth to
However, the increased ME&A expenses of
Twin Disc's performance reflects broader industry trends. The strength in Marine and Land-Based Transmissions aligns with the global focus on infrastructure development and marine transport. However, the
The company's geographical sales distribution shift, with increased proportions from Asia Pacific and Middle East regions, suggests a strategic pivot towards high-growth markets. This diversification could help mitigate regional economic fluctuations. The consistent end market demand and strong backlog indicate a positive outlook, but investors should remain cautious of potential global economic headwinds that could impact industrial and marine sectors in the coming fiscal year.
Twin Disc's investment in hybrid electric strategy is a forward-thinking move. As industries increasingly focus on sustainability and energy efficiency, this positions the company well for future market demands. The acquisition of Katsa Oy expands Twin Disc's industrial product line, potentially opening new technological avenues and market opportunities.
However, the increased ME&A expenses, partly attributed to these strategic initiatives, highlight the need for balanced investment in innovation. The company's ability to leverage these investments into tangible product offerings and market share gains will be crucial. Investors should closely monitor the development and market reception of Twin Disc's hybrid electric solutions, as this could be a key differentiator in the competitive power transmission equipment market.
MILWAUKEE, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN) today reported results for the fourth quarter and full fiscal year 2024 ended June 30, 2024.
Fiscal Full Year 2024 Highlights
- Sales increased
6.6% year-over-year to$295.1 million - Net income attributable to Twin Disc was
$11.0 million - EBITDA* increased
2.9% year-over-year to$26.5 million - Robust operating cash flow of
$33.7 million - Free cash flow* of
$25.0 million compared to$15.0 million in the year-ago period - Strong six-month backlog of
$133.7 million supported by consistent end market demand
Fiscal Fourth Quarter 2024 Highlights
- Sales increased
0.6% year-over-year to$84.4 million - Net income attributable to Twin Disc was
$7.4 million - Robust operating cash flow of
$11.5 million - Free cash flow* of
$10.4 million compared to$14.9 million in the year-ago period
CEO Perspective
“We closed fiscal 2024 on a strong note, maintaining our trend of solid results to deliver revenue growth along with robust margin expansion and free cash generation in the fourth quarter. While we faced an evolving macroeconomic environment throughout the year, we also captured healthy demand from our Land Based Transmissions and Marine businesses and are seeing signs of stabilization in Industrial,” commented John H. Batten, President and Chief Executive Officer of Twin Disc. “Our consistent performance helped us execute several strategic priorities during the fiscal year, including further expansion of our global industrial product line through the acquisition of Katsa Oy, as well as the reinstatement of our quarterly cash dividend.”
“Looking ahead, we anticipate market conditions in fiscal 2025 to be fairly in-line with 2024. Supported by our reinforced balance sheet, we are entering the new fiscal year from a position of strength, giving us the confidence to provide updated medium-term targets which illustrate our growth potential in the coming years,” continued Mr. Batten. “We look forward to continuing along our trajectory of profitable growth, enabling sustained value generation for all stakeholders.”
Fourth Quarter & Full-Year Results
Sales for the fiscal 2024 fourth quarter increased 60 basis points year-over-year to
Sales by product group (certain amounts have been reclassified from marine to other):
| Product Group | Q4 FY24 Sales | Q4 FY23 Sales | Change (%) | |||
| (Thousands of $): | ||||||
| Marine and Propulsion Systems | $ | 47,228 | $ | 45,662 | 3.4 | % |
| Land-Based Transmissions | 24,989 | 22,864 | 9.3 | % | ||
| Industrial | 7,219 | 7,928 | (8.9 | %) | ||
| Other | 4,982 | 7,469 | (33.3 | %) | ||
| Total | $ | 84,418 | $ | 83,923 | 0.6 | % |
| Product Group | FY24 Sales | FY23 Sales | Change (%) | |||
| (Thousands of $): | ||||||
| Marine and Propulsion Systems | $ | 171,765 | $ | 147,825 | 16.2 | % |
| Land-Based Transmissions | 78,519 | 73,048 | 7.5 | % | ||
| Industrial | 25,669 | 29,775 | (13.8 | %) | ||
| Other | 19,174 | 26,312 | (27.1 | %) | ||
| Total | $ | 295,127 | $ | 276,960 | 6.6 | % |
For fiscal 2024, Twin Disc delivered double-digit growth year-over-year in the European and the Asia-Pacific regions. The distribution of sales across geographical regions shifted, with a greater proportion of sales coming from the Asia Pacific and Middle East regions, with a lower proportion coming from North America.
Gross profit increased
Marketing, engineering and administrative (ME&A) expense increased by
Other income increased by
Net income attributable to Twin Disc for the quarter was
On a consolidated basis, the backlog of orders to be shipped over the next six months is approximately
CFO Perspective
Jeffrey S. Knutson, Vice President of Finance, Chief Financial Officer, Treasurer and Secretary stated, “With continued strong demand across our product segments, this year has been marked by solid financial performance, underscored by our consistent margin expansion and operating cash generation. It is clear that our steadfast focus on operational execution and working capital improvement has paid off. We plan to keep this momentum up as we work towards achieving our updated financial targets and further position Twin Disc for long-term success.”
Discussion of Results
Twin Disc will host a conference call to discuss these results and to answer questions at 9:00 a.m. Eastern time on August 15, 2024. The live audio webcast will be available on Twin Disc’s website at https://ir.twindisc.com. To participate in the conference call, please dial (800) 715-9871 approximately ten minutes before the call is scheduled to begin. A replay of the webcast will be available at https://ir.twindisc.com shortly after the call until August 14, 2025.
About Twin Disc
Twin Disc, Inc. designs, manufactures, and sells marine and heavy-duty off-highway power transmission equipment. Products offered include 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. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government, and industrial markets. The Company’s worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network. For more information, please visit www.twindisc.com.
Forward-Looking Statements
This press release may contain statements that are forward looking as defined by the Securities and Exchange Commission in its rules, regulations, and releases. The words “anticipates,” “believes,” “intends,” “estimates,” and “expects,” or similar anticipatory expressions, usually identify forward-looking statements. The Company intends that such forward-looking statements qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based on current expectations and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from current expectations. Such risks and uncertainties include the impact of general economic conditions and the cyclical nature of many of the Company’s product markets; foreign currency risks and other risks associated with the Company’s international sales and operations; the ability of the Company to successfully implement price increases to offset increasing commodity costs; the ability of the Company to generate sufficient cash to pay its indebtedness as it becomes due; and the possibility of unforeseen tax consequences and the impact of tax reform in the U.S. or other jurisdictions. These and other risks are described under the caption “Risk Factors” in Item 1A of the Company’s most recent Form 10-K filed with the Securities and Exchange Commission, as supplemented in subsequent periodic reports filed with the Securities and Exchange Commission. Accordingly, the making of such statements should not be regarded as a representation by the Company or any other person that the results expressed therein will be achieved. The Company assumes no obligation, and disclaims any obligation, to publicly update or revise any forward-looking statements to reflect subsequent events, new information, or otherwise.
*Non-GAAP Financial Information
Financial information excluding the impact of asset impairments, restructuring charges, foreign currency exchange rate changes and the impact of acquisitions, if any, in this press release are not measures that are defined in U.S. Generally Accepted Accounting Principles (“GAAP”). These items are measures that management believes are important to adjust for in order to have a meaningful comparison to prior and future periods and to provide a basis for future projections and for estimating our earnings growth prospects. Non-GAAP measures are used by management as a performance measure to judge profitability of our business absent the impact of foreign currency exchange rate changes and acquisitions. Management analyzes the company’s business performance and trends excluding these amounts. These measures, as well as EBITDA, provide a more consistent view of performance than the closest GAAP equivalent for management and investors. Management compensates for this by using these measures in combination with the GAAP measures. The presentation of the non-GAAP measures in this press release are made alongside the most directly comparable GAAP measures.
Definitions
Earnings before interest, taxes, depreciation, and amortization (EBITDA) is calculated as net earnings or loss excluding interest expense, the provision or benefit for income taxes, depreciation, and amortization expenses.
Net debt is calculated as total debt less cash.
Free cash flow is calculated as net cash provided (used) by operating activities less acquisition of fixed assets.
Investors:
Riveron
TwinDiscIR@Riveron.com
Source: Twin Disc, Incorporated
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands; except share amounts, unaudited) | ||||||||||||
| For the Quarter Ended | For the Year Ended | |||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||
| Net sales | $ | 84,418 | $ | 83,923 | $ | 295,127 | $ | 276,960 | ||||
| Cost of goods sold | 59,332 | 59,177 | 208,709 | 202,628 | ||||||||
| Cost of goods sold - Sale of boat management system product line and related inventory | - | - | 3,099 | - | ||||||||
| Gross profit | 25,086 | 24,746 | 83,319 | 74,332 | ||||||||
| Marketing, engineering, and administrative expenses | 20,356 | 16,556 | 71,622 | 62,243 | ||||||||
| Restructuring expenses | 11 | (31 | ) | 218 | 177 | |||||||
| Other operating income | - | (1 | ) | - | (4,148 | ) | ||||||
| Income from operations | 4,719 | 8,222 | 11,479 | 16,060 | ||||||||
| Other expense (income): | ||||||||||||
| Interest expense | 394 | 571 | 1,443 | 2,253 | ||||||||
| Bargain purchase gain | (3,724 | ) | - | (3,724 | ) | - | ||||||
| Other expense (income), net | (961 | ) | (2,492 | ) | (1,607 | ) | (658 | ) | ||||
| (4,291 | ) | (1,921 | ) | (3,888 | ) | 1,595 | ||||||
| Income before income taxes and noncontrolling interest | 9,010 | 10,143 | 15,367 | 14,465 | ||||||||
| Income tax expense | 1,515 | 1,439 | 4,121 | 3,788 | ||||||||
| Net income | 7,495 | 8,704 | 11,246 | 10,677 | ||||||||
| Less: Net earnings attributable to noncontrolling interest, net of tax | (85 | ) | (110 | ) | (258 | ) | (297 | ) | ||||
| Net income attributable to Twin Disc | $ | 7,410 | $ | 8,594 | $ | 10,988 | $ | 10,380 | ||||
| Dividends per share | $ | 0.04 | $ | - | $ | 0.12 | $ | - | ||||
| Income per share data: | ||||||||||||
| Basic income per share attributable to Twin Disc common shareholders | $ | 0.54 | $ | 0.64 | $ | 0.80 | $ | 0.77 | ||||
| Diluted income per share attributable to Twin Disc common shareholders | $ | 0.53 | $ | 0.62 | $ | 0.79 | $ | 0.75 | ||||
| Weighted average shares outstanding data: | ||||||||||||
| Basic shares outstanding | 13,748 | 13,508 | 13,683 | 13,468 | ||||||||
| Diluted shares outstanding | 13,911 | 13,844 | 13,877 | 13,811 | ||||||||
| Comprehensive income | ||||||||||||
| Net income | $ | 7,495 | $ | 8,704 | $ | 11,246 | $ | 10,677 | ||||
| Benefit plan adjustments, net of income taxes | (191 | ) | 85 | (2,114 | ) | 666 | ||||||
| Foreign currency translation adjustment | 1,587 | (2,483 | ) | 657 | 635 | |||||||
| Unrealized gain on hedges, net of income taxes | 120 | 81 | 46 | 54 | ||||||||
| Comprehensive income | 9,011 | 6,387 | 9,835 | 12,032 | ||||||||
| Less: Comprehensive income attributable to noncontrolling interest | (42 | ) | (30 | ) | 183 | 248 | ||||||
| Comprehensive income attributable to Twin Disc | $ | 9,053 | $ | 6,417 | $ | 9,652 | $ | 11,784 | ||||
| RECONCILIATION OF CONSOLIDATED NET INCOME TO EBITDA (In thousands; unaudited) | |||||||||||
| For the Quarter Ended | For the Year Ended | ||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||
| Net income attributable to Twin Disc | $ | 7,410 | $ | 8,594 | $ | 10,988 | $ | 10,380 | |||
| Interest expense | 394 | 571 | 1,443 | 2,253 | |||||||
| Income tax expense | 1,515 | 1,439 | 4,121 | 3,788 | |||||||
| Depreciation and amortization | 2,528 | 2,423 | 9,981 | 9,359 | |||||||
| Earnings before interest, taxes, depreciation, and amortization (EBITDA) | $ | 11,847 | $ | 13,027 | $ | 26,533 | $ | 25,780 | |||
| RECONCILIATION OF TOTAL DEBT TO NET DEBT (In thousands; unaudited) | |||||
| June 30, 2024 | June 30, 2023 | ||||
| Current maturities of long-term debt | $ | 2,000 | $ | 2,000 | |
| Long-term debt | 23,811 | 16,627 | |||
| Total debt | 25,811 | 18,627 | |||
| Less cash | 20,070 | 13,263 | |||
| Net debt | $ | 5,741 | $ | 5,364 | |
| RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands; unaudited) | |||||||||||||||
| For the Quarter Ended | For the Year Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 11,499 | $ | 16,037 | $ | 33,716 | $ | 22,898 | |||||||
| Acquisition of fixed assets | (1,109 | ) | (1,108 | ) | (8,707 | ) | (7,918 | ) | |||||||
| Free cash flow | $ | 10,390 | $ | 14,929 | $ | 25,009 | $ | 14,980 | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands; except share amounts, unaudited) | ||||||
| June 30, 2024 | June 30, 2023 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash | $ | 20,070 | $ | 13,263 | ||
| Trade accounts receivable, net | 52,207 | 54,760 | ||||
| Inventories | 130,484 | 131,930 | ||||
| Assets held for sale | - | 2,968 | ||||
| Prepaid expenses | 8,656 | 8,459 | ||||
| Other | 8,214 | 8,326 | ||||
| Total current assets | 219,631 | 219,706 | ||||
| Property, plant and equipment, net | 58,074 | 38,650 | ||||
| Right-of-use assets operating leases | 16,622 | 13,133 | ||||
| Intangible assets, net | 12,686 | 12,637 | ||||
| Deferred income taxes | 2,339 | 2,244 | ||||
| Other assets | 2,706 | 2,811 | ||||
| Total assets | $ | 312,058 | 289,181 | |||
| LIABILITIES AND EQUITY | ||||||
| Current liabilities: | ||||||
| Current maturities of long-term debt | $ | 2,000 | $ | 2,010 | ||
| Accounts payable | 32,586 | 36,499 | ||||
| Accrued liabilities | 64,930 | 61,586 | ||||
| Total current liabilities | 99,516 | 100,095 | ||||
| . | ||||||
| Long-term debt | 23,811 | 16,617 | ||||
| Lease obligations | 14,376 | 10,811 | ||||
| Accrued retirement benefits | 7,854 | 7,608 | ||||
| Deferred income taxes | 5,340 | 3,280 | ||||
| Other long-term liabilities | 6,107 | 5,253 | ||||
| Total liabilities | 157,004 | 143,664 | ||||
| Twin Disc shareholders' equity: | ||||||
| Preferred shares authorized: 200,000; issued: none; no par value | - | - | ||||
| Common shares authorized: 30,000,000; issued: 14,632,802; no par value | 41,798 | 42,855 | ||||
| Retained earnings | 129,592 | 120,299 | ||||
| Accumulated other comprehensive loss | (6,905 | ) | (5,570 | ) | ||
| 164,485 | 157,584 | |||||
| Less treasury stock, at cost (638,712 and 814,734 shares, respectively) | 9,783 | 12,491 | ||||
| Total Twin Disc shareholders' equity | 154,702 | 145,093 | ||||
| Noncontrolling interest | 352 | 424 | ||||
| Total equity | 155,054 | 145,517 | ||||
| Total liabilities and equity | $ | 312,058 | $ | 289,181 | ||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands; unaudited) | |||||||
| June 30, 2024 | June 30, 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 11,246 | $ | 10,677 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 9,981 | 9,359 | |||||
| Gain on sale of assets | (91 | ) | (4,264 | ) | |||
| Loss on sale of boat management product line and related inventory | 3,099 | - | |||||
| Gain on Katsa acquisition | (3,724 | ) | - | ||||
| Restructuring | (82 | ) | 137 | ||||
| Provision for deferred income taxes | (560 | ) | (634 | ) | |||
| Stock compensation expense and other non-cash changes, net | 3,836 | 3,197 | |||||
| Net change in operating assets and liabilities | 10,011 | 4,426 | |||||
| Net cash provided by operating activities | 33,716 | 22,898 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Acquisition of property, plant, and equipment | (8,707 | ) | (7,918 | ) | |||
| Acquisition of Katsa, less cash acquired | (23,178 | ) | - | ||||
| Proceeds from sale of fixed assets | - | 7,177 | |||||
| Other, net | (184 | ) | 333 | ||||
| Net cash used by investing activities | (32,069 | ) | (408 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Borrowings under revolving loan arrangements | 90,534 | 81,620 | |||||
| Repayments of revolving loan arrangements | (81,109 | ) | (97,774 | ) | |||
| Repayments of other long-term debt | (2,010 | ) | (2,037 | ) | |||
| Dividends paid to shareholders | (1,695 | ) | - | ||||
| Dividends paid to noncontrolling interest | (254 | ) | (236 | ) | |||
| Payments of finance lease obligations | (921 | ) | (621 | ) | |||
| Payments of withholding taxes on stock compensation | (1,791 | ) | (463 | ) | |||
| Net cash provided (used) by financing activities | 2,754 | (19,511 | ) | ||||
| Effect of exchange rate changes on cash | 2,406 | (2,237 | ) | ||||
| Net change in cash | 6,807 | 742 | |||||
| Cash: | |||||||
| Beginning of period | 13,263 | 12,521 | |||||
| End of period | $ | 20,070 | $ | 13,263 | |||
FAQ
What were Twin Disc's (TWIN) full-year sales for fiscal 2024?
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