Twin Disc reported net sales of $55.9 million for the first quarter of fiscal 2023, a 17.1% increase compared with $47.8 million in the year-prior quarter.
The company said the increase was due primarily to improving demand within the company’s global oil and gas, industrial and marine markets.
“Trends across our global markets are recovering and helped drive solid year-over-year sales growth during the first quarter, despite continued supply-chain issues and the impact of foreign currency exchange rates,” president and CEO John H. Batten said in a statement. “Continued supply-chain challenges and higher component costs had a material impact on our European operations’ profitability during the first quarter. We are taking quick and decisive actions to improve performance, focusing resources on supply-chain issues and reducing our European cost structure.”
The foreign-currency exchange rate had a $4.8 million negative impact on sales for the quarter. On a constant-currency basis, first quarter sales increased 27.2%.
The six-month backlog Sept. 30 was $108.9 million, compared with $101.2 million June 30 and $86.1 million Sept. 24, 2021. Gross profit for the quarter was $13.3 million, a 23.8% increase.
