Propulsion and components manufacturer Twin Disc released the results of its fiscal 2023 third quarter. Buoyed by end-market demand and easing supply-chain issues, the company reported a 24.4% year-over-year increase in sales to $73.8 million and EBIDTA of $6.4 million.
“Our team remained agile during the quarter, capitalizing on robust end-market demand and easing supply-chain headwinds to deliver a 24% increase in sales year-over-year,” CEO and president John H. Batten said in a statement. “While we are very proud of these results, our margins were negatively impacted by a number of factors, including component shortages and inflation that more than offset the partial quarter of pricing realization.”
Marine and propulsion systems sales accounted for $43.9 million, a 32.2% increase from the year-ago quarter. Gross profit increased 8.9% to $19.3 million compared with $17.7 million for the 2022 third quarter.
The company did not provide forecasting guidance for the remainder of the year in the statement.
