Twin Disc reports sales increase and strong performance for fiscal year 2024

From GlobeNewswire: 2024-08-15 08:00:00

Twin Disc, Inc. (NASDAQ: TWIN) reported a 6.6% sales increase to $295.1 million in fiscal year 2024. Net income was $11.0 million, with EBITDA rising to $26.5 million. Quarterly sales increased 0.6% to $84.4 million, as net income reached $7.4 million. The company anticipates steady market conditions in fiscal 2025.

CEO John H. Batten highlighted solid results for fiscal 2024, with revenue growth, margin expansion, and free cash generation. The company saw strong demand in Land-Based Transmissions and Marine sectors. Twin Disc acquired Katsa Oy and reinstated a quarterly cash dividend.

Fourth quarter sales were driven by demand in the Land-Based Transmissions market, with Marine and Propulsion Systems contributing to overall yearly sales growth. European and Asia-Pacific regions showed double-digit growth. The company’s solid performance led to net income of $11.0 million in fiscal year 2024.

Gross profit rose to $25.1 million in the fourth quarter, with a 1.4% increase year-over-year. ME&A expense increased by 22.9%, driven by wage inflation and acquisition costs. EBITDA was $11.8 million for the quarter, and net income totaled $7.4 million. Backlog orders for the next six months stand at $133.7 million.



Read more at GlobeNewswire:: Twin Disc Announces Full Year & Fourth Quarter Results