Twin Disc rises on record results
Shares of Racine, Wis.-based Twin Disc, Inc. (Nasdaq: TWIN) set a new 52-week high in intraday trading on news the manufacturer of off-highway power transmission equipment reported record financial results in the fiscal 2007 third quarter ended March 30, 2007.
Third-quarter net earnings shot up a whopping 96.6%, or $3.69 million, to $7.31 million, compared with $3.82 million a year earlier, Twin Disc reported before the start of trading. That means earnings were $1.27 per share, almost twice earnings of $0.64 per share for the fiscal 2006 third quarter. Analyst estimates were unavailable.
“We are delighted with our financial results for fiscal 2007 and our outlook for fiscal 2008,” Chairman, President, and CEO Michael E. Batten said. “With one quarter remaining, fiscal 2007 should produce the highest financial results in [Twin Disc’s] history, as our nine-month earnings are higher than they were for all of fiscal 2006.”
Sales were also higher, improving 34.7% to $86.41 million, compared with $64.13 million in the same period a year ago. On a year-to-date basis, sales increased 32.6% to $226.47 million, compared with $170.75 million in the fiscal 2006 nine-month period.
The BCS Group, a manufacturer and distributor of products and accessories for the marine industry acquired by Twin Disc in May 2006, contributed $7.31 million to quarterly net sales and $22 million to year-to-date sales.
Twin Disc said that its sales continue to benefit from strong across-the-board demand, particularly from its oil and military customers.
At 12:30 p.m. ET shares were up $3.41, or 6.70%, to $54.31. The previous 52-week high was $51.52, set on April. 23. The 52-week low of $27.00 was set on June 21, 2006.
