Business
Twin Disc, Inc. Announces Fiscal 2022 First Quarter Financial Results
First quarter sales up 3.4% year-over-yearStrong operating cash flow and facility sale drives net debt to lowest level in over three yearsSix-month backlog at
About this update from Twin Disc, Incorporated
[{"type":"text","content":"First quarter sales up 3.4% year-over-yearStrong operating cash flow and facility sale drives net debt to lowest level in over three yearsSix-month backlog at September 24, 2021 was $86.1 million, a 22.5% increase since June 30, 2021Management optimistic recovery is underway as order rates and demand improve RACINE, Wis., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2022 first quarter ended September 24, 2021. Sales for the fiscal 2022 first quarter were $47.8 million, compared to $46.2 million for the same period last year. The 3.4% increase in 2022 first 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. The impact of improving markets has been partially offset by significant global supply chain challenges, limiting sales revenue in the quarter. Foreign currency exchange had a $0.5 million positive impact on fiscal 2022 first quarter sales. John H. Batten, Chief Executive Officer, commented: “Demand across many of our global markets is improving, and I am encouraged by our strong first quarter performance as we worked tirelessly to navigate unprecedented global supply chain issues. We anticipate the supply chain challenges will persist through our second fiscal quarter before easing through the second half of the fiscal year. We continue to focus on strategies that modernize our global facilities and realign our cost structure. During the first quarter, we completed a sale leaseback of our Rolla production facility for net proceeds of $9.1 million (resulting in a gain of $2.9 million recorded in Other Operating Income). The restructuring action at our Belgium operation announced in the fourth quarter of fiscal 2021 is expected to be completed this fiscal year and we anticipate incurring approximately $1.0 million of restructuring expenses in the second quarter. These actions as well as future actions are expected to generate annualized pre-tax savings of approximately $1.6 million, while reducing the capital requirements necessary to operate our business.” “Our six-month backlog at September 24, 2021, was $86.1 million, compared to $69.4 million at September 25, 2020, and $70.3 million at June 30, 2021. The 22.5% increase in our six-month back...