RACINE, Wis. – First-quarter net sales for marine transmission manufacturer Twin Disc Inc. improved 19.5 percent to $45.4 million from $38.0 million in the same period a year ago, the company said in a press release Friday.
The results for the current fiscal quarter were favorably impacted by Twin Disc's recent acquisition of Rolla SP Propellers SA as well as a previously announced military contract to supply transmission systems for vehicles to be delivered to the Israeli Defense Forces, according to the company.
Sales at Twin Disc’s manufacturing operations were up 23.1 percent from the same period last year. The company experienced significant increased order activities and sales at all of its manufacturing locations, with sales at its European and domestic manufacturing locations rising nearly 20 percent, before including the favorable impact of the Rolla acquisition.
The first quarter of fiscal 2005 represents the first quarter that the company has recognized sales from this acquisition. For the first quarter, Rolla contributed just over $1.5 million in sales. The sales growth in Twin Disc’s domestic operations was primarily driven by increased sales of military and 8500 series transmission products, while the growth in its European operations was driven primarily by marine and propulsion product sales increases.
Twin Disc said its distribution segment experienced an increase of 19.3 percent in sales compared to the first quarter of fiscal 2004. The majority of this increase came from distribution operations in Asia-Pacific and Italy. Sales growth in commercial and pleasure craft marine transmission product lines primarily drove the increase in Asia-Pacific. Just under a quarter of the sales growth experienced by the distribution operations versus the same period last year can be attributed to the effect of a weaker dollar among most Asian currencies and the Euro.
- For more of the latest news, click here.