Taylor Devices Announces First Quarter Results

Rhea-AI Summary

Taylor Devices, Inc. (NASDAQ: TAYD) reported a 1st quarter sales increase to $7,307,737, up from $5,759,457 year-over-year. Net earnings rose slightly to $181,877 compared to $176,011 in the previous year. Despite sales growth, profit margins were pressured by material and labor cost increases due to COVID-19. The company’s firm order backlog improved significantly to $19,400,000 from $10,300,000 a year prior, indicating positive market recovery prospects.

Positive

• 1st quarter sales increased by 27% year-over-year.
• Net earnings improved slightly despite rising costs.
• Firm order backlog rose to $19.4 million, up 88% year-over-year, indicating growth potential.

Negative

• Profit margins were impacted by higher material and labor costs due to COVID-19.
• Lower margin projects with Asian customers affected profitability.

NORTH TONAWANDA, N.Y., Sept. 30, 2021 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 1^st quarter sales of $7,307,737, up from last year's 1^st quarter sales of $5,759,457.

Net earnings for the 1^st quarter were $181,877, up slightly from last year's 1^st quarter earnings of $176,011.

"FY22 Q1 sales are up significantly compared to last year's Q1 sales although net profit finished only slightly improved despite the higher volume", stated Tim Sopko, CEO.  He continued, "Profit was adversely impacted predominantly by greater than expected COVID-19 driven material and labor cost increases exacerbated by lower margin projects with customers in Asia that we are still working through in our firm order backlog."  He further commented, "The markets and customers we serve continue to show signs of recovery from the negative impacts of the pandemic as our favorable firm order backlog level at the end of FY22 Q1 indicates."  He concluded, "This coupled with the continuing high level of investment in our people, technologies (R&D) and operational capabilities positions us well to take advantage of the opportunities in our chosen markets as the global economies continue to recover from the negative impacts of the pandemic."    

The company's firm order backlog was $19,400,000 at the end of August 2021 as compared to $10,300,000 at the end of August 2020.

Taylor Devices, Inc. is a 66-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 8/31/21 & 8/31/20)	F/Y 22	F/Y 21
Sales	$7,307,737	$5,759,457
Net Earnings	$  181,877	$  176,011
Earnings per Share	$        0.05	$        0.05
Shares Outstanding	3,496,522	3,487,085

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-301388936.html

SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices' first quarter sales for FY22?

Taylor Devices reported first quarter sales of $7,307,737.

How much did Taylor Devices earn in net income for the first quarter?

The net earnings for the first quarter were $181,877.

What is the firm order backlog for Taylor Devices?

The firm order backlog at the end of August 2021 was $19,400,000.

How do the latest financial results compare to last year?

Sales increased by 27% compared to the previous year, while net earnings rose slightly.

What challenges did Taylor Devices face in this quarter?

The company faced increased material and labor costs, adversely impacting profit margins.