Accessories and components manufacturer Twin Disc reported a sales increase of 5.8% year-over-year for its second quarter 2023. Profitability for the period improved, with net income of $1.1 million and EBITDA of $6.3 million. As of December, Twin Disc said it had a six-month backlog of $124 million, which is up 22.5% from June 30, 2022, and 25.4% from Dec. 31, 2021.
“Positive demand across our global markets continued to support sales and backlog growth during the fiscal 2023 second quarter,” president and CEO John H. Batten said in a statement. “The progress we are making is encouraging as we remain focused on navigating supply-chain challenges and higher component costs.”
Sales for the second quarter were $63.4 million, compared with $59.9 million for the same period last year. Twin Disc said the increase was primarily due to improving demand within the company’s global oil and gas, industrial and marine markets.
Gross profit percent for the fiscal 2023 second quarter was 26.9%, compared with 22.5% for the same time last year and 23.8% for the fiscal 2023 first quarter. Twin Disc said the 440-basis point year-over-year increase in gross profit margin percentage was due primarily to improved efficiencies, selling price adjustments to offset higher raw material prices, and a more profitable mix of sales.
Year-to-date, gross margin was 25.4%, compared with 25% for the fiscal 2022 first half.
