Business
Twin Disc Reports Strong Fourth Quarter & Full Year Results
MILWAUKEE, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN) today reported results for the fourth quarter and full fiscal year 2023, which
About this update from Twin Disc, Incorporated
[{"type":"text","content":"MILWAUKEE, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN) today reported results for the fourth quarter and full fiscal year 2023, which ended on June 30, 2023. Fiscal Fourth Quarter 2023 Highlights Sales increased 10.5% year-over-year to $83.9 millionNet income attributable to Twin Disc was $8.6 million and EBITDA* of $13.0 millionSignificantly improved operating cash flow of $16.0 millionFree cash flow* of $14.9 million compared to $(3.4) million in the year-ago periodStrong six-month backlog of $119.2 million supported by healthy ongoing demand CEO Perspective“Fiscal 2023 was a tale of two halves. After facing significant supply chain headwinds and cost increases in the first half of the year, our team maintained focus and executed exceptionally. Since the start of the year, we further streamlined shipments and caught up on past-due orders. The cumulative benefit of our pricing actions from earlier in the year and easing supply chain conditions, combined with operational excellence, contributed to sales growth, sequential gross margin expansion, and significant improvements to operating and free cash flow,” commented John H. Batten, President and Chief Executive Officer of Twin Disc. “Global demand across product groups drove solid year-over-year sales growth for the quarter and full year. We also had several projects reactivated after being canceled during COVID. The macroeconomic and geopolitical environment remains uncertain though project visibility, customer inquiries, and after-market demand continue to fuel our cautiously optimistic outlook. As we look to fiscal 2024, we remain committed to maintaining our momentum, driving further growth, and delivering value to our stakeholders,” concluded Mr. Batten. Fourth Quarter & Full-Year ResultsSales for the fiscal 2023 fourth quarter increased 10.5% year-over-year to $83.9 million and fiscal 2023 sales increased 14.0% to $277.0 million. Fourth quarter and full year sales growth were similarly driven by demand for the Company’s Marine and Propulsion Systems and Land-Based Transmissions markets, and favorable product mix. Sales by product group: Product GroupQ4 FY23 Sales Q4 FY22 Sales Change (%) (Thousands of $):Marine and Propulsion Systems 48,634 39,693 22.4% Land-Based Transmissions 22,864 23,259 (1.7)% Industrial 7,928 9,800 (19.1)% Other 4,497 3,222 39.6...