Racine-based Twin Disc Inc. reported fiscal fourth quarter net earnings of $2.3 million, or 21 cents per share, up from $47,000, or 0 cents per share, for the same quarter a year ago.
Sales for the fiscal 2014 fourth quarter were $73.6 million down from $75.9 million a year earlier.
For the full fiscal year, Twin Disc’s net earnings dipped to $3.6 million, 32 cents per share, from $3.9 million, or 34 cents per share, in fiscal 2013.
The company’s performance was fueled by increased shipments of land-based transmission systems for the North American and Asian oil and gas markets.
“Fiscal 2014 ended with encouraging momentum in the North American oil and gas market. We saw significant improvements in shipments and orders in the fourth quarter for our 8500 and 7500 series oil and gas transmission systems. We anticipate further improvements in the North American pressure pumping market to occur throughout fiscal 2015, but at a gradual pace versus the rapid expansion we experienced in fiscal 2011,” said John Batten, chief executive officer of Twin Disc. “Our commercial marine markets remain strong due to continued demand for our marine transmission systems in the U.S. Gulf Coast and throughout Asia. Sales outside of North America represented 55 percent of overall sales for fiscal 2014, compared to 51 percent last fiscal year. Sales into Asia Pacific increased to 29 percent of total sales, compared to 27 percent in fiscal 2013, with sales into the Chinese market continuing at a record pace and representing nearly 13 percent of fiscal 2014 sales. Our global manufacturing, distribution and service networks are providing further opportunities to grow internationally and the Indian manufacturing facility we opened last fiscal year is ramping up quickly and exceeding our expectations.”