Another manufacturer reporting strong results, Racine-based Twin Disc Inc., a manufacturer of marine and heavy-duty off-highway power transmission equipment, reported significant increases in its first quarter net earnings and net sales.
For the first quarter of fiscal 2012 the company reported net earnings of $9.58 million, a major increase compared to first quarter fiscal 2011 net earnings of $2.66 million. The company’s first quarter net sales were $81.3 million, a major increase from $61.4 million in the first quarter of 2010.
Wall Street reacted strongly to the Twin Disc report. Shares of the company’s stock surged this morning, posting a gain of $6.21 per share to $34.76.
“This was an exceptionally strong period, and we are encouraged by the first quarter’s record operating and financial results,” said Michael E. Batten, chairman and chief executive officer. “Our results continue to be driven by outstanding demand for our 8500 series oil and gas transmission systems. First quarter results were driven by organic growth for our products in existing markets, primarily fueled by oil and gas demand, but also from aftermarket, industrial, and ARFF markets.”
