TAYLOR DEVICES ANNOUNCES FIRST QUARTER RESULTS

Rhea-AI Summary

Taylor Devices, Inc. (NASDAQ: TAYD) reported significant growth in its first quarter ending August 31, 2022, with sales reaching $9,090,699, a 24% increase from $7,307,737 in the same period last year. Net earnings soared to $1,002,371, compared to $181,877, marking a 451% year-over-year rise. The firm order backlog was $23 million, up 19% from the previous year. The company's CEO highlighted the ability to manage supply chain challenges and expressed optimism for continued growth in the Aerospace and Defense markets.

Positive

• Sales increased by 24% year-over-year to $9,090,699.
• Net earnings rose by 451% to $1,002,371.
• First quarter earnings per share improved to $0.29 from $0.05.
• Firm order backlog grew by 19% to $23 million.

Negative

• None.

NORTH TONAWANDA, N.Y., Sept. 30, 2022 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had first quarter sales of $9,090,699, up from last year's first quarter sales of $7,307,737.

Net earnings for the first quarter were $1,002,371, up significantly from last year's first quarter earnings of $181,877.

"The positive market trends and momentum that we experienced last fiscal year continued in the first quarter of FY23 as evidenced by the year-on-year sales increase of 24% as compared to first quarter FY22 with all three of our customer product groups; Aerospace/Defense, Structural and Industrial sales respectively up over last year's Q1 levels," stated Tim Sopko, CEO. He continued, "This is also the first time in our company's history that quarterly sales have exceeded the $9 million threshold in two consecutive quarters." He further commented, "Our team has been able to manage the continuing supply chain challenges well this past quarter as evidenced not only by the higher sales volume but also the year-on-year net profit increase of 451% as compared to first quarter FY22." He concluded, "As our FY23 continues, we remain focused on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities."

The company's firm order backlog was $23,000,000 at the end of August 2022 up 19% from the $19,400,000 level at the end of August 2021.

Taylor Devices, Inc. is a 67-year-old company engaged in the design, development, manufacture & marketing of shock absorption, rate control and energy storage devices for use in various types of vehicles, machinery, equipment & structures. The company continues to target growth in the domestic Aerospace and Defense market as well as global Structural Construction and Industrial markets.

First Quarter  (3 months ended 8/31/22 & 8/31/21)		Fiscal 2023		Fiscal 2022
Sales	$	9,090,699	$	7,307,737
Net Earnings	$	1,002,371	$	181,877
Earnings per Share	$	0.29	$	0.05
Average Number of Shares Outstanding		3,499,023		3,496,522

                                        

Taylor's website can be visited at: www.taylordevices.com, with company newsletters and other pertinent information at www.taylordevices.com/investors.

Taylor Devices, Inc.

Contact: 
Artie Regan     
Regan & Associates, Inc.
(212) 587-3005 (phone)
(212) 587-3006 (fax)
main@reganproxy.com

 

View original content:https://www.prnewswire.com/news-releases/taylor-devices-announces-first-quarter-results-301637713.html

SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices' sales and earnings for the first quarter of fiscal 2023?

Taylor Devices reported first quarter sales of $9,090,699 and net earnings of $1,002,371.

How much did Taylor Devices' net earnings increase compared to last year?

Net earnings increased by 451% compared to last year's first quarter.

What was the firm order backlog for Taylor Devices as of August 2022?

The firm order backlog was $23 million, up 19% from the previous year.

What is the significance of sales exceeding $9 million for Taylor Devices?

This marked the first time in the company's history that quarterly sales exceeded $9 million in two consecutive quarters.

What does Taylor Devices plan for future growth?

The company aims to focus on growth strategies supported by investments in team, technologies, and facilities.