Twin Disc reports softness in megayacht market

RACINE, Wis. – Twin Disc, Inc., a industrial manufacturer producing marine transmissions and boat management systems, among other products, experienced a slight sales decline in the fiscal 2009 second quarter ended Dec. 26, 2008, it reported in a recent statement.

“We are pleased that the second quarter results improved upon our first quarter performance, even though we were not able to match the record operating performance of the second fiscal quarter of 2008,” said Michael E. Batten, chairman and CEO. “In addition to the softness that continued to be experienced in our oil and gas markets, we are now seeing softening in the mega yacht segment of the pleasure craft market.”

However, Batten added that commercial marine and industrial product markets continued to be above year ago levels, which helped compensate for the decline in other markets.

Sales for the fiscal 2009 second quarter were $81,598,000, compared to $81,894,000 for the fiscal 2008 second quarter. Year-to-date, sales were $154,270,000, compared to $155,507,000 for the fiscal 2008 first half.

Net earnings for the fiscal 2009 second quarter were $3,433,000, compared with $4,209,000 for the fiscal 2008 second quarter. Year-to-date, earnings were $5,898,000, compared to $9,314,000 for the fiscal 2008 first half.

“We now expect demand from the mega yacht segment of the pleasure craft market to continue to weaken for the balance of the year,” said Batten. “This will impact the company’s propulsion and boat management system product lines.”

Advertisement
  • For more of the latest news, click here.

Leave a Reply

Your email address will not be published. Required fields are marked *

*