Twin Disc today reported sales of US$95.5m for its third quarter ended March 30, 2012, up 24.9 per cent compared to US$76.5m for the same quarter a year ago. Its net earnings rose to US$9.4m compared to US$4.5m a year ago.
Michael Batten, chairman and CEO, said the quarter was one of the best in the company’s history. “Our historic success throughout the year has been driven by robust demand for our oil and gas products; and with the exception of the pleasure craft market, shipments across all our end markets increased during the quarter,” he said in a statement.
The company’s six-month backlog at March 30, 2012 was US$131.4m compared to US$140.2m at March 25, 2011. “The sequential and year-over-year decline in the backlog is primarily a result of moderating future demand from oil and gas customers,” said Batten. “We remain optimistic about the long-term potential from the oil and gas market, but over the past two months we have experienced a decline in orders from the historically high levels we have been experiencing in fiscal 2012.”
Batten said fiscal 2013 should be another strong year for Twin Disc, but would probably not reach the “record” sales levels that it has seen this year.