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Earnings
Twin Disc reports Q1 EPS (30c), two est. (38c) » 08:25
10/30/20
10/30
08:25
10/30/20
08:25
TWIN

Twin Disc

$5.39 /

+0.3 (+5.89%)

Reports Q1 revenue…

Reports Q1 revenue $46.1M, two est. $42.9M. John Batten, CEO, commented: "Our six-month backlog at September 25, 2020, was $69.4 million, compared to $96.7 million at September 27, 2019, and $66.6 million at June 30, 2020. I am encouraged by the direction we are headed despite the near-term economic challenges and uncertainty the COVID-19 crisis has created. While first quarter sales at Veth Propulsion were down year-over-year, we ended the quarter with strong order and backlog growth. Oil and gas demand continues to experience significant year-over-year declines due to the current pricing environment and the number of idled fracking rigs in North America. However, we believe much of the idled capacity has been recently brought back online or scrapped. As a result, we expect to benefit from improving oil and gas demand in the coming quarters as the North American fracking fleet is repaired and replaced. We are also well positioned to benefit from growing global demand for hybrid and electric technology within the industrial off-highway market as a result of our leading power control technologies, capabilities, and experience. We see increasing demand trends within this market, which we anticipate accelerating in the coming years. As you can see, we are successfully navigating the unprecedented effects the COVID-19 crisis has had across many of our global markets, while protecting the health and safety of our global employees, customers, and partners, and investing in our future. Our success is a testament to the resiliency of our business, the experience of our senior leadership team, and our commitment to quality, engineering, and customer service. In addition, we continue to diversify our end markets, drive efficiencies across our footprint, and optimize our global assets, which we believe will enable us to emerge from the COVID-19 crisis with increased agility, profitability, and market share. Additional initiatives are currently underway that will further transform Twin Disc's operating model and support additional expense reductions. This includes a potential sale of our corporate office in Racine that, once completed, will allow us to consolidate our corporate operations into other existing Twin Disc facilities. Along with the operating savings and cash generation this sale will provide Twin Disc, this will also allow the community to benefit from a more effective use for this under-utilized asset, contributing to the ongoing redevelopment of Racine. I am also pleased with the progress we are making at our new Lufkin, TX manufacturing facility. We anticipate production at this facility will start at the beginning of the calendar year, which will further improve our manufacturing and logistic capabilities, while concentrating resources closer to many of our customers."

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TWIN Twin Disc
$5.39 /

+0.3 (+5.89%)

TWIN Twin Disc
$5.39 /

+0.3 (+5.89%)

Over a quarter ago
Hot Stocks
Twin Disc to invest $7M-$9M in capex during FY21 » 08:12
08/07/20
08/07
08:12
08/07/20
08:12
TWIN

Twin Disc

$5.66 /

-0.08 (-1.39%)

Jeffrey S. Knutson, Vice…

Jeffrey S. Knutson, Vice President - Finance, Chief Financial Officer, Treasurer and Secretary, stated: "Throughout the COVID-19 crisis we have aggressively eliminated expenses and aligned our cost structure with expected sales, while focusing on strengthening our balance sheet and reducing working capital levels. For fiscal year 2020 we generated $9.6 million of cash from operating activities, including $4.3 million of cash from operating activities during the fiscal 2020 fourth quarter. Working capital at June 30, 2020 was $107.2 million, compared to $127.3 million at June 30, 2019. Inventory reduction efforts contributed $5.3 million to this year-over-year improvement. We have deferred all non-essential spending and capital expenditures to conserve cash until the economic environment becomes clearer, and currently expect to invest $7 million to $9 million in capital expenditures during fiscal 2021."

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TWIN Twin Disc
$5.66 /

-0.08 (-1.39%)

TWIN Twin Disc
$5.66 /

-0.08 (-1.39%)

Earnings
Twin Disc reports Q4 EPS (13c), two est. (28c) » 08:11
08/07/20
08/07
08:11
08/07/20
08:11
TWIN

Twin Disc

$5.66 /

-0.08 (-1.39%)

Reports Q4 revenue…

Reports Q4 revenue $59.4M, two est. $49.4M. John Batten, CEO, commented: "Our six-month backlog at June 30, 2020, was $66.6 million, compared to $87.4 million at March 27, 2020, and $99.6 million at June 30, 2019. By many accounts, fiscal 2020 was one of the most challenging years in Twin Disc's 102-year history. As the COVID-19 crisis continues impacting demand across many of our global markets, we are focused on managing the actions that are under our control. Throughout our history we have successfully emerged from challenging industry cycles, and I am confident we will come out of the COVID-19 crisis as a stronger and leaner company that is better positioned to compete within our various markets. Across our global manufacturing and distribution operations, our teams have remained dedicated to delivering quality, craftsmanship and innovation to our worldwide customers. I am proud of the response, hard work and commitment of our global employees during this challenging period. In response to the COVID-19 crisis and the severe impact the pandemic is having on many of our global markets, we are taking aggressive actions to reduce expenses, while focusing on initiatives that improve Twin Disc's efficiency, productivity, and cost structure. As a result, we recently announced $7.2 million of annualized expense reductions primarily impacting our domestic operations. Simultaneously, we have pursued strategies to limit the capital requirements of our business, improve manufacturing efficiency, reduce costs, and diversify our geographic footprint and end-market concentration, while enhancing the quality and reliability of Twin Disc's products. On August 1, 2020, we opened our new manufacturing facility in Lufkin, TX. As this facility ramps up production, we believe it will further improve our manufacturing and logistic capabilities, while concentrating resources closer to many of our end customers."

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TWIN Twin Disc
$5.66 /

-0.08 (-1.39%)

TWIN Twin Disc
$5.66 /

-0.08 (-1.39%)

Conference/Events
Twin Disc to hold a business news update conference call » 10:55
07/07/20
07/07
10:55
07/07/20
10:55
TWIN

Twin Disc

$5.43 /

+0.04 (+0.74%)

Management provides a…

Management provides a business news update relating to the COVID-19 pandemic on a conference call to be held on July 7 at 11 am.

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TWIN Twin Disc
$5.43 /

+0.04 (+0.74%)

TWIN Twin Disc
$5.43 /

+0.04 (+0.74%)

Conference/Events
Twin Disc to hold a business news update conference call » 04:55
07/07/20
07/07
04:55
07/07/20
04:55
TWIN

Twin Disc

$5.39 /

+0.03 (+0.56%)

Management provides a…

Management provides a business news update relating to the COVID-19 pandemic on a conference call to be held on July 7 at 11 am.

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TWIN Twin Disc
$5.39 /

+0.03 (+0.56%)

TWIN Twin Disc
$5.39 /

+0.03 (+0.56%)

Conference/Events
Twin Disc to hold a business news update conference call » 09:48
06/30/20
06/30
09:48
06/30/20
09:48
TWIN

Twin Disc

$5.63 /

+ (+0.00%)

Management provides a…

Management provides a business news update relating to the COVID-19 pandemic on a conference call to be held on July 7 at 11 am.

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TWIN Twin Disc
$5.63 /

+ (+0.00%)

TWIN Twin Disc
$5.63 /

+ (+0.00%)

Earnings
Twin Disc reports Q3 EPS ($1.92), two est. (11c) » 08:03
05/01/20
05/01
08:03
05/01/20
08:03
TWIN

Twin Disc

$6.03 /

-0.27 (-4.29%)

Reports Q3 revenue…

Reports Q3 revenue $68.63M, two est. $56.35M. "We are focused on successfully navigating the near-term challenges created by the unprecedented COVID-19 crisis and the significant decline in global oil and gas prices, while protecting the health and safety of our customers, employees, and communities," commented John H. Batten, Chief Executive Officer. "Over five years ago we started pursuing strategies to limit the capital requirements of our business, improve manufacturing efficiency, reduce costs, and diversify our geographic footprint and end market concentration. These initiatives have created a more agile, efficient, and modern platform helping us withstand current global market trends. Unfortunately, gross profit was impacted by an additional $2.2 million expense for the continuation of a product performance issue related to one of our pressure pumping transmission models that was initially recorded in the fiscal 2020 first quarter. Due to high rig utilization, it was difficult for us to get rigs out of service for repair in the first calendar quarter, resulting in higher cost repairs than anticipated. With the recent decline in utilization, we expect the incident rate to improve significantly, allowing for less expensive repair costs. We continue to work with this customer and address their installed base of Twin Disc oil and gas transmission systems. Gross margin, adjusted for the product performance accrual, represents the third consecutive quarter of higher sequential gross margin reflecting our success improving efficiencies and overall profitability. Our six-month backlog at March 27, 2020, was $87.4 million, compared to $99.6 million at June 30, 2019 and $113.7 million at March 29, 2019. Stable marine and propulsion demand primarily associated with the 2018 Veth Propulsion acquisition is helping support our six-month backlog. Many of our global markets are expected to remain challenging over the next several quarters as a result of the COVID-19 crisis and the historic decline in oil and gas prices. While the adverse economic effects of the outbreak are not fully known, management has already seen significant order cancellations and a decline in North American incoming orders, with April orders down more than 60% from the year to date run rate. Throughout this period, we will continue making the necessary adjustments to our operations and cost structure, while remaining focused on pursuing our long-term diversification and operational strategies. We remain confident that the acquisition of Veth Propulsion will continue to provide profitable growth and remain committed to this strategy of profitable diversification. As noted in our April 8, 2020 press release, we have already taken significant actions that will drive $4.1 million in annualized savings. For over 100 years, Twin Disc has successfully navigated various economic and market cycles and we are confident we will withstand the impacts of the COVID-19 crisis and related downturn in the global energy markets."

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Hot Stocks
Twin Disc announces temporary layoffs, reduces paid hours, salaries » 08:06
04/08/20
04/08
08:06
04/08/20
08:06
TWIN

Twin Disc

$6.13 /

+0.425 (+7.46%)

Twin Disc provides an…

Twin Disc provides an update on the actions it is taking in response to the impact of the COVID-19 crisis. "We are taking prudent and aggressive measures to respond to the rapidly evolving COVID-19 crisis as well as the significant reduction in the global oil and gas prices," stated John H. Batten, CEO. In response to lower demand across many of the company's global markets, Twin Disc is taking the following temporary actions at its North American operations to reduce costs: Temporary layoff of ten salaried employees; Reducing paid hours of certain salaried positions by 25%; A 15% reduction in salaries for all remaining full-time employees; 20% for the CEO and COO; Estimated annualized savings from salaried payroll actions total $4.1M. Deferring all non-essential spending and CAPEX projects. Batten concluded: "The pace and scope of the COVID-19 crisis is unprecedented, which combined with significant declines in global oil and gas prices, has created a very challenging market environment. We are focused on taking the necessary actions, quickly, to respond to current market dynamics, while supporting our global customers, associates, and distribution partners. In addition, we are working with our advisors on seeking assistance and relief under the recently passed 2020 CARES Act. While the actions we announced today relate to our North American operations, all of our global operations are aggressively reducing costs in light of the current environment and taking full advantage of the government assistance packages made available to them."

Hot Stocks
Twin Disc expects inventories to decline in the 'coming quarters' » 08:12
01/31/20
01/31
08:12
01/31/20
08:12
TWIN

Twin Disc

$9.64 /

-0.24 (-2.43%)

Jeffrey S. Knutson, VP,…

Jeffrey S. Knutson, VP, Finance, CFO, Treasurer and Secretary, stated: "We ended the fiscal 2020 second quarter with higher than expected inventory levels as a result of a greater number of finished products waiting for shipment at our distribution subsidiaries, while inventory levels at our manufacturing facilities decreased during the quarter. As a result, we expect inventories to decline in the coming quarters, which will result in improving cash flows from operating activities. We continue to make strategic enhancements to our operations and year-to-date we invested $6.9 million in capital expenditures. We now expect to invest approximately $11.0 million to $13.0 million in capital expenditures in total during fiscal 2020. I am pleased with the progress we are making to improve our cost structure and enhance our profitability."

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Earnings
Twin Disc reports Q2 EPS (49c), two est. (10c) » 08:11
01/31/20
01/31
08:11
01/31/20
08:11
TWIN

Twin Disc

$9.64 /

-0.24 (-2.43%)

Reports Q2 revenue…

Reports Q2 revenue $59.5M, two est. $69.65M. Commenting on the results, John H. Batten, CEO, said: "Gross profit has increased over the past two quarters reflecting the benefits of new manufacturing capabilities, technologies, and processes, and the investments we are making throughout our business to expand profitability. Our new Texas manufacturing facility is expected to begin production within the next nine months, which will further expand our production capabilities and capacity and streamline our supply chain. I am encouraged by the progress we are making to improve our cost structure, which will have a favorable impact on profitability in future quarters and as demand increases. Our six-month backlog at December 27, 2019, was $94.7 million, compared to $99.6 million at June 30, 2019, and $137.8 million at December 28, 2018. We are starting to see early indications of improving demand trends in several of our markets. Specifically, we have received multiple orders from Asian fracking customers for our recently-released 7600-transmission system and we expect shipments of oil and gas transmission systems will be higher in the third quarter, compared to the fiscal 2020 first and second quarters. In addition, Veth is starting to expand its customer base in North America and in Asia, which we believe will contribute to improving marine trends in the coming quarters. We have developed a compelling strategy to adjust our business for fiscal 2020's challenges, and we believe Twin Disc will emerge well positioned for sustainable sales growth and meaningful improvements in profitability in fiscal 2021 and beyond."

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