Twin Disc (TWIN) Post Break-Even Q4, Sales Beat Views
Twin Disc (NASDAQ: TWIN) reported Q4 EPS of $0.00, which includes items and may not compare to the analyst estimate of $0.18. Revenue for the quarter came in at $75.93 million versus the consensus estimate of $73.2 million.
Commenting on the results, Michael E. Batten, Chairman and Chief Executive Officer, said: “On many levels, fiscal 2013 was a transitional year for the Company as we continued to build a solid foundation to support our long-term growth strategies. A key component of our strategic plan has been to enhance Twin Disc’s position as a global company. For the sixth consecutive year, the majority of our sales have been to customers outside the U.S. We remain committed to marketing the Twin Disc brand internationally with an expanding focus on emerging markets. As a result, China now represents 10 percent of overall sales and has become the second largest market for sales after the U.S.
“In addition to diversifying our sales geographically, during fiscal 2013 we expanded our manufacturing footprint with the commissioning of a facility near Chennai, India, after several years of developing a high-quality, low-cost supply chain. The 35,000 square foot facility provides light machining and assembly of industrial products that initially will be shipped to customers around the world. While we invest in emerging economies, we are looking at ways to improve the performance of our European operations and, during the quarter, took an impairment charge at one of our Italian subsidiaries and restructured our Belgian operation. As we mentioned earlier in this release, we will record an additional restructuring charge in the fiscal 2014 first quarter as a result of further actions to improve profitability at this facility.”
For earnings history and earnings-related data on Twin Disc (TWIN) click here.
Commenting on the results, Michael E. Batten, Chairman and Chief Executive Officer, said: “On many levels, fiscal 2013 was a transitional year for the Company as we continued to build a solid foundation to support our long-term growth strategies. A key component of our strategic plan has been to enhance Twin Disc’s position as a global company. For the sixth consecutive year, the majority of our sales have been to customers outside the U.S. We remain committed to marketing the Twin Disc brand internationally with an expanding focus on emerging markets. As a result, China now represents 10 percent of overall sales and has become the second largest market for sales after the U.S.
“In addition to diversifying our sales geographically, during fiscal 2013 we expanded our manufacturing footprint with the commissioning of a facility near Chennai, India, after several years of developing a high-quality, low-cost supply chain. The 35,000 square foot facility provides light machining and assembly of industrial products that initially will be shipped to customers around the world. While we invest in emerging economies, we are looking at ways to improve the performance of our European operations and, during the quarter, took an impairment charge at one of our Italian subsidiaries and restructured our Belgian operation. As we mentioned earlier in this release, we will record an additional restructuring charge in the fiscal 2014 first quarter as a result of further actions to improve profitability at this facility.”
For earnings history and earnings-related data on Twin Disc (TWIN) click here.