Racine-based Twin Disc, Inc. today reported a fiscal third quarter net loss of $360,000, or 3 cents per share, compared to a net loss of $608,000, or 7 cents per share, in the third quarter of 2013.
Revenue was $60.7 million, down from $68.2 million in the same period a year ago.
The company, which manufactures marine and heavy duty off-highway power transmission equipment, attributed the lower sales to lower levels of business in North America and Europe and continued weakness in the global mega yacht market.
Higher shipment to Asian markets and strong global demand for commercial marine transmission systems offset some of the decline.
“The challenges we have experienced throughout fiscal 2014 persisted during the third quarter,” said John Batten, president and chief executive officer. “Specifically, lower levels of activity from North American and European customers continued to influence our results. Additionally, the severe winter weather throughout most of the U.S. and Canada, while difficult to quantify, impacted the performance of our supply chain, causing some shipments to be delayed, and there was a general low level of order activity for both new units and spares during the quarter. However, we continued to experience favorable demand trends from customers in Asia for both pressure pumping and commercial marine products as a result of overall economic growth in the region and market share gains. Towards the end of the quarter, demand for our pressure pumping transmission systems began increasing in North America, and we are hopeful that these recent trends will continue as the excess field inventory situation continues to improve.”