Taylor Devices Announces First Quarter Results

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) reported Q1 sales of $5,759,457, a slight increase from $5,708,639 in the same quarter last year. However, net earnings fell to $176,011, down from $354,577 year-over-year, driven by lower margins due to competitive dynamics and tariffs in Asia. CEO Tim Sopko noted that order placement delays related to the COVID-19 pandemic negatively impacted sales volume. The company remains well-positioned with a strong balance sheet and diversified portfolio, targeting growth in Aerospace, Defense, and Industrial markets.

Positive

• Sales increased slightly to $5,759,457 from $5,708,639.
• Strong balance sheet positions the company well for future growth.

Negative

• Net earnings decreased to $176,011, down from $354,577.
• Lower margins due to tariffs and competitive dynamics in Asia.
• Order placement delays due to the COVID-19 pandemic negatively impacted sales.

NORTH TONAWANDA, N.Y., Sept. 25, 2020 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 1^st quarter sales of $5,759,457, up slightly from last year's 1^st quarter sales of $5,708,639.

Net earnings for the 1^st quarter were $176,011, down from last year's 1^st quarter earnings of $354,577.

"FY21 Q1 sales are on par with last year's Q1 sales although net earnings are lower due primarily to an increase in sales to our construction and industrial customers in Asia where tariffs and local competitive dynamics typically drive lower margins", stated Tim Sopko, CEO. He further commented, "Additionally, order placement delays by our customers due to the COVID-19 Coronavirus Pandemic that started over 6 months ago had a negative impact on sales volume in Q1 which further stressed margins."  He continued, "While we do not know when the COVID-19 related challenges will subside, our workforce response to these challenges has been outstanding thus far and we remain well positioned with our diversified portfolio and strong balance sheet to manage them path forward."  He concluded, "Our top priorities continue to be the health and safety of our employees and their families along with supporting our customers."

Taylor Devices, Inc. is a 65-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.

1st Quarter  (3 months ended 8/31/20 & 8/31/19)	F/Y 21	F/Y 20
Sales	$5,759,457	$5,708,639
Net Earnings	$  176,011	$  354,577
Earnings per Share	$        0.05	$        0.10
Shares Outstanding	3,487,085	3,478,636

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

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

 

View original content:http://www.prnewswire.com/news-releases/taylor-devices-announces-first-quarter-results-301138202.html

SOURCE Taylor Devices, Inc.

FAQ

What are Taylor Devices' Q1 sales for 2020?

Taylor Devices announced Q1 sales of $5,759,457 for the fiscal year 2021.

How did net earnings for Taylor Devices change in Q1 2020?

Net earnings for Q1 2021 were $176,011, a decrease from $354,577 in Q1 2020.

What factors impacted Taylor Devices' Q1 performance?

The company's Q1 performance was impacted by lower sales margins due to tariffs in Asia and delays in order placements caused by the COVID-19 pandemic.

What is the stock symbol for Taylor Devices?

The stock symbol for Taylor Devices is TAYD.