Business
Twin Disc, Inc. Announces Fiscal 2023 First Quarter Financial Results
First quarter sales up 17.1% year-over-year and are up 27.2% on a constant currency1 basis Six-month backlog of $108.9 million at September 30, 2022, up 7.6%
About this update from Twin Disc, Incorporated
[{"type":"text","content":"First quarter sales up 17.1% year-over-year and are up 27.2% on a constant currency1 basis Six-month backlog of $108.9 million at September 30, 2022, up 7.6% from June 30, 2022 and up 26.5% from September 24, 2021Management optimistic financial and operating results will accelerate throughout fiscal year 2023 RACINE, Wis., Nov. 04, 2022 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN), today reported financial results for the fiscal 2023 first quarter ended September 30, 2022. Sales for the fiscal 2023 first quarter were $55.9 million, compared to $47.8 million for the same period last year. The 17.1% increase in 2023 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 positive impact of improving market conditions was partially offset by global supply chain challenges, which continued to limit sales growth during the fiscal 2023 first quarter. Foreign currency exchange had a $4.8 million negative impact on fiscal 2023 first quarter sales. On a constant currency1 basis first quarter sales increased 27.2%. The strengthening of the U.S. dollar has also negatively impacted the Company’s competitiveness on U.S. produced goods sold into Europe. John H. Batten, President and Chief Executive Officer, commented: “Trends across our global markets are recovering, and helped drive solid year-over-year sales growth during the first quarter, despite continued supply chain issues and the impact of foreign currency exchange rates. Continued supply chain challenges and higher component costs had a material impact on our European operations’ profitability during the first quarter. We are taking quick and decisive actions to improve performance, focusing resources on supply chain issues and reducing our European cost structure. We expect these actions will improve our gross profit margin throughout the remainder of fiscal year 2023.” “Our six-month backlog at September 30, 2022, was $108.9 million, compared to $86.1 million at September 24, 2021, and $101.2 million at June 30, 2022. Our growing backlog is supported by strengthening demand across many of our global markets as well as new, market-leading transmission and power control systems for hybrid, hydrogen, and electric vehicle applications. In addition, we continu...