Twin Disc reports slight decline in Q3 sales
By IBI Magazine
Twin Disc today reported sales of US$85.8 million for its third quarter ended March 28, 2008, compared to US$86.4 million a year ago. The company also reported a gain in net income of US$7.9 million compared to US$7.5 million a year ago. Twin Disc said in a statement that higher sales in its superyacht and commercial marine markets have offset weaknesses in its oil transmission and industrial product markets. "We are pleased with the results of the third fiscal quarter. Demand for our commercial and pleasure craft marine products continued to increase," said Michael Batten, chairman, president and CEO, in the statement. "Sales and orders of our commercial marine gears into Southeast Asia and the Gulf Coast of the United States remain strong, as do marine propulsion and boat management system sales into the Italian megayacht market." Batten said that the backlog of orders to be shipped over the next six months was a record US$125.7 million compared to US$118.4 million for the same quarter a year ago. "Global demand for our products remains good, as evidenced by the fact that we expect foreign sales to exceed domestic sales for the first time in fiscal 2008," said Batten. "In addition, we remain focused on lowering our operating costs, continuing to develop and enhance our product portfolio, modernising our manufacturing operations and expanding our global outsourcing programme. The fourth quarter should be another good quarter, and we remain optimistic about fiscal year 2009."
(22 April 2008)
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