Business
Twin Disc, Inc. Announces Fiscal 2022 Fourth Quarter Financial Results
Fourth quarter sales up 14.8% year-over-year Gross margin increased 410 basis points year-over-year to 31.8%Net income of $7.8 million, or $0.58 per diluted
About this update from Twin Disc, Incorporated
[{"type":"text","content":"Fourth quarter sales up 14.8% year-over-year Gross margin increased 410 basis points year-over-year to 31.8%Net income of $7.8 million, or $0.58 per diluted shareTwin Disc collaborates with Hinckley Yachts to launch hybrid marine power control system Six-month backlog of $101.2 million at June 30, 2022, up 44.0% from June 30, 2021, as global order rates and end-market demand continue to improve RACINE, Wis., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2022 fourth quarter ended June 30, 2022. Sales for the fiscal 2022 fourth quarter were $76.0 million, compared to $66.2 million for the same period last year. The 14.8% year-over-year increase in 2022 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. The positive impact of improving market conditions was partially offset by global supply chain challenges, which continued to limit sales growth during both the fiscal 2022 fourth quarter and full year. Proactive pricing actions that started in the fiscal 2022 third quarter continued to help offset inflationary cost increases in previous quarters and contributed to incremental sales as well as a strong recovery in gross margin performance. Foreign currency exchange had a $5.1 million unfavorable impact on fiscal 2022 fourth quarter sales and a $8.5 million unfavorable impact on fiscal 2022 full year sales. For the fiscal 2022 full year, sales increased 11.1% to $242.9 million from $218.6 million for fiscal 2021. John H. Batten, President and Chief Executive Officer, commented: “Our strong fourth quarter financial results and operating performance are encouraging and reflect improving market conditions across our global end markets, as well as the success of growth strategies and the initiatives underway to improve profitability. The positive momentum during the fourth quarter was especially strong, as we continued to successfully navigate challenging raw material, component, and supply chain conditions. I am also pleased with the significant improvement we experienced in profitability as a result of the successful pricing initiatives we put in place last quarter, the benefits of our strategies to improve manufacturing efficiencies, including ...