Racine-based Twin Disc Inc. today reported fiscal third quarter net income of $3 million, or 26 cents per share, compared with a net loss of $442,000, or four cents lost per share, in the third quarter of 2014.
Operating income was $3.3 million, compared with an operating loss of $342,000 in the same period a year ago.
Revenue at the marine and heavy-duty off-highway power transmission equipment manufacturer totaled $60.9 million in the third quarter, up slightly from $60.7 million in the third quarter of 2014.
The company attributed the slightly higher sales to higher shipments at its North American manufacturing and distribution operations across most product markets. However, demand moderated for commercial marine and oil and gas products in Asian markets and remained weak in European markets.
“The first nine months of fiscal 2015 have produced strong top- and bottom-line results, primarily due to better year-over-year demand from North American pressure pumping customers,” said John Batten, president and chief executive officer. “Also helping sales in the quarter was higher demand for marine transmissions and aftermarket activity, which were partially offset by the impact of the strengthening U.S. dollar on foreign currency translation. With sustained lower oil prices and slowing global industrial demand, we are cautiously watching our end markets for further signs of deterioration. Over the past several years, we have significantly strengthened our balance sheet. This provides us with flexibility to withstand the cyclical nature of our end markets and to invest in initiatives that improve our competitiveness, geographic and end-market diversification, and opportunities for growth.”
