Racine-based Twin Disc Inc. today reported fiscal third quarter net earnings $1.5 million, or 13 cents per share, which was down from $2.9 million, or 26 cents per share, in the same period a year ago.
The company's quarterly sales fell to $61.0 million from $69.3 million a year earlier.
Michael Batten, chairman and chief executive officer of Twin Disc, said, "Our results have turned the corner and we expect this improving trend will continue. On all levels of the company I am proud of the operating plan we created and continue to execute, despite a difficult economic environment. After several quarters of low activity, the oil and gas market has begun to pick up, driven by higher energy prices and we are well positioned to benefit from a recovery in oil and gas production. In addition to our optimism for the oil and gas market, we see continuing demand for our products from ARFF, legacy land-based military and military patrol boat markets at the pace we experienced throughout the first nine months of fiscal 2010. While we expect challenges to remain in other of our markets, specifically, the mega yacht and pleasure craft markets, there are many reasons for us to be encouraged, especially as our financial position continues to strengthen."
Twin Disc’s profits fall
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