Twin Disc net earnings increase 207% for fiscal 2015

Freeman Staff

Aug. 4, 2015

RACINE Despite sales being relatively flat during fiscal 2015, net earnings for Twin Disc, Inc. increased 207 percent.

On Tuesday, Twin Disc also announced that sales for the fourth quarter were $67,334,000, compared to $73,566,000 for the same period last year. For fiscal 2015, sales were $265,790,000, compared to $263,909,000 for fiscal 2014.

The decline in fourth quarter sales was due to lower shipments of land-based transmission systems for the North American oil and gas market, as well as weaker demand in Asia for commercial marine and oilfield transmissions, according to the announcement.

Gross margin for the fiscal 2015 fourth quarter was 29 percent, compared to 29.2 percent in the fiscal 2014 fourth quarter. Twin Disc said the slight decrease in fiscal 2015 fourth quarter gross margin was the result of a less profitable mix of business, partially offset by lower warranty expense. For fiscal 2015, gross margin was 31.2 percent, compared to 29.3 percent for fiscal 2014.