Business
Twin Disc Announces Full Year & Fourth Quarter Results
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
About this update from Twin Disc, Incorporated
[{"type":"text","content":"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 millionNet income attributable to Twin Disc was $11.0 millionEBITDA* increased 2.9% year-over-year to $26.5 millionRobust operating cash flow of $33.7 millionFree cash flow* of $25.0 million compared to $15.0 million in the year-ago periodStrong 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 millionNet income attributable to Twin Disc was $7.4 millionRobust operating cash flow of $11.5 millionFree 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 $84.4 million and fiscal 2024 sales increased 6.6% to $295.1 million. Fourth quarter and full year sales growth were both driven by demand for the Company’s Land-Bas...