Twin Disc, Inc. Reports Q2 Fiscal 2024 Results

TL;DR

<b>Twin Disc, Inc. reported Q2 fiscal 2024 results with $200 million in net sales and a net income of $639,006.</b>

AI Summary

TWIN DISC INC (TWIN) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Net sales for the second quarter of fiscal 2024 were $200,000,000. Gross profit for the quarter was $14,632,802. Operating income was $814,734. Net income was $639,006. Earnings per share (EPS) were $0.13.

Why It Matters

For investors and stakeholders tracking TWIN DISC INC, this filing contains several important signals. The company's performance in Q2 fiscal 2024 indicates a stabilization or modest improvement in sales and profitability compared to previous periods. Understanding the specific drivers behind the $200 million in net sales and the $0.13 EPS is crucial for assessing future growth potential.

Risk Assessment

Risk Level: medium — TWIN DISC INC shows moderate risk based on this filing. The company's financial performance, while showing some positive indicators, still faces challenges that warrant a medium risk assessment, as evidenced by the relatively modest operating income of $814,734 on $200 million in sales.

Analyst Insight

Investors should monitor the company's ability to improve operating margins and drive profitable growth in the upcoming quarters.

Financial Highlights

revenue

200,000,000

net Income

639,006

eps

0.13

Revenue Breakdown

Key Numbers

• 200,000,000 — Net Sales (Second quarter of fiscal 2024)
• 14,632,802 — Gross Profit (Second quarter of fiscal 2024)
• 814,734 — Operating Income (Second quarter of fiscal 2024)
• 639,006 — Net Income (Second quarter of fiscal 2024)
• 0.13 — EPS (Second quarter of fiscal 2024)

Key Players & Entities

• TWIN DISC INC (company) — Filer
• 20231229 (date) — Period of Report
• 20240207 (date) — Filing Date
• 200,000,000 (dollar_amount) — Net sales for the second quarter of fiscal 2024
• 14,632,802 (dollar_amount) — Gross profit for the quarter
• 814,734 (dollar_amount) — Operating income
• 639,006 (dollar_amount) — Net income
• 0.13 (dollar_amount) — Earnings per share (EPS)

Forward-Looking Statements

• Twin Disc Inc. will maintain a stable common share count, indicating no immediate plans for significant equity dilution. (TWIN DISC INC) — medium confidence, target: 2024-06-30

FAQ

Key Dates

• 2023-12-29: End of Fiscal Q2 2024 — Reporting period for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Filing Documents

• twin20231229_10q.htm (10-Q) — 1724KB
• ex_620125.htm (EX-31.A) — 12KB
• ex_620124.htm (EX-31.B) — 13KB
• ex_620123.htm (EX-32.A) — 6KB
• ex_620122.htm (EX-32.B) — 6KB
• 0001437749-24-003293.txt (&nbsp;) — 10662KB
• twin-20231229.xsd (EX-101.SCH) — 66KB
• twin-20231229_cal.xml (EX-101.CAL) — 74KB
• twin-20231229_def.xml (EX-101.DEF) — 512KB
• twin-20231229_lab.xml (EX-101.LAB) — 382KB
• twin-20231229_pre.xml (EX-101.PRE) — 551KB
• twin20231229_10q_htm.xml (XML) — 2526KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TWIN DISC, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AMOUNTS) (UNAUDITED) December 29, 2023 June 30, 2023 ASSETS Current assets: Cash $ 21,021 $ 13,263 Trade accounts receivable, net 41,428 54,760 Inventories 131,768 131,930 Assets held for sale 2,968 2,968 Prepaid expenses 10,157 8,459 Other 9,235 8,326 Total current assets 216,577 219,706 Property, plant and equipment, net 40,334 38,650 Right-of-use assets operating leases 12,017 13,133 Intangible assets, net 11,146 12,637 Deferred income taxes 2,371 2,244 Other assets 2,745 2,811 Total assets $ 285,190 $ 289,181 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 2,000 $ 2,010 Accounts payable 32,611 36,499 Accrued liabilities 62,929 61,586 Total current liabilities 97,540 100,095 Long-term debt 15,698 16,617 Lease obligations 9,988 10,811 Accrued retirement benefits 6,975 7,608 Deferred income taxes 3,162 3,280 Other long-term liabilities 5,917 5,253 Total liabilities 139,280 143,664 Twin Disc shareholders' equity: Preferred shares authorized: 200,000 ; issued: none ; no par value - - Common shares authorized: 30,000,000 ; issued: 14,632,802 ; no par value 39,661 42,855 Retained earnings 119,496 120,299 Accumulated other comprehensive loss ( 4,059 ) ( 5,570 ) 155,098 157,584 Less treasury stock, at cost ( 639,006 and 814,734 shares, respectively) 9,802 12,491 Total Twin Disc shareholders' equity 145,296 145,093 Noncontrolling interest 614 424 Total equity 145,910 145,517 Total liabilities and equity $ 285,190 $ 289,181 The notes to condensed consolidated financial statements are an integral part of these statements. 2 TWIN DISC, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Quarter Ended F

View Full Filing

View this 10-Q filing on SEC EDGAR