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Twin Disc Plummets on Q2 Earnings Miss

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Shares of Twin Disc (NASDAQ: TWIN) are seeing much pressure during Monday's trading session after the company posted second quarter earnings, which missed analyst estimates.

Twin Disc reported sales for the fiscal 2012 second quarter improved to $82.94 million, from $75.16 million for the same period last year; however, missed the analyst estimates of $89.9 million.

Commenting on the results, Michael E. Batten, Chairman and CEO, said: “We continue to see strong demand for our products, which is reflected in our fiscal 2012 second quarter results. While profitability in the second quarter was down from an exceptionally strong first quarter period, the second quarter represents the strongest second quarter in sales, gross margin, and net income the Company has ever achieved. Our results continue to be driven by outstanding demand for our 8500 series oil and gas transmission systems. We are pleased that after thorough field testing and product refinement, our orders for 7500 series transmissions have grown in our six-month backlog.”

As a sort of consolation to investors, Twin Disc lifted its quarterly cash dividend to $0.09 per share from $0.08 per share.

Currently, shares of Twin Disc are trading about 17% lower at $32.34, or down 11% on the year.

Posted-In: Earnings News Dividends Intraday Update Movers

 

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