Business
Twin Disc, Inc. Announces Fiscal 2021 Fourth Quarter Financial Results
• Fourth quarter sales up 11.5% year-over-year • Fourth quarter gross profit percent improved 440-basis points year-over-year • Strong operating cash flow and
About this update from Twin Disc, Incorporated
[{"type":"text","content":"• Fourth quarter sales up 11.5% year-over-year • Fourth quarter gross profit percent improved 440-basis points year-over-year • Strong operating cash flow and improving profitability drives net debt to lowest level in three years • Restructuring actions in the quarter to drive approximately $2 million of annualized savings • Management optimistic recovery is underway RACINE, Wis., Aug. 13, 2021 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2021 fourth quarter ended June 30, 2021. Sales for the fiscal 2021 fourth quarter were $66.2 million, compared to $59.4 million for the same period last year, and $57.6 million for the fiscal 2021 third quarter. The 11.5% year-over-year increase in 2021 fourth quarter sales was primarily due to improving demand within the Company’s global oil and gas, industrial and marine markets compared to the same period last fiscal year. For the fiscal 2021 full year, sales were $218.6 million, compared to $246.8 million for fiscal 2020. The year-over-year decline was primarily driven by the global economic impact of the COVID-19 pandemic. Foreign currency exchange had a $4.1 million favorable impact on fiscal 2021 fourth quarter sales and an $11.6 million favorable impact on fiscal 2021 year-to-date sales. John H. Batten, Chief Executive Officer, commented: “Solid fourth quarter sales growth and improving gross profit is encouraging and reflects the significant actions we have undertaken to expand our financial and operating performance. Throughout the year, we focused on investing in our operations, supporting new product development, modernizing our business, and realigning our cost structure. Our Lufkin, Texas operation opened during the year, which improved manufacturing efficiencies and enhanced our position with new and existing industrial customers, as we focus on growing this important segment of our business. We leveraged our leading control systems and mechanical expertise to develop new hybrid and electric products for marine and industrial applications. During the fourth quarter, initial orders were received from a marine customer and an industrial customer, and we are excited by the long-term potential within these developing markets. Finally, we continued to focus on strategies that modernize our global facilities and realign our cost st...