STOCK TITAN

TAYLOR DEVICES ANNOUNCES RECORD HIGH FULL YEAR SALES, PROFIT AND FIRM ORDER BACKLOG FOR FISCAL YEAR 2024 CONCURRENT WITH STRONG FOURTH QUARTER RESULTS

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags

Taylor Devices (NASDAQ: TAYD) reported record-breaking financial results for fiscal year 2024. The company achieved full-year sales of $44.6 million, up from $40.2 million in FY23. Net income surged to $9 million (20.2% of sales), compared to $6.3 million (15.6%) last year. Fourth-quarter sales reached $12.1 million, with net income of $2.5 million. The firm order backlog hit a new high of $33.1 million entering FY25. CEO Tim Sopko attributed the success to the execution of profitable growth strategies and strong performance across all product groups, particularly in the Aerospace/Defense market. The company plans to continue investing in its team, technologies, and facilities to support future growth.

Taylor Devices (NASDAQ: TAYD) ha riportato risultati finanziari record per l'anno fiscale 2024. L'azienda ha registrato vendite annuali di 44,6 milioni di dollari, in aumento rispetto ai 40,2 milioni di dollari dell'anno fiscale 23. Il reddito netto è salito a 9 milioni di dollari (20,2% delle vendite), rispetto ai 6,3 milioni di dollari (15,6%) dell'anno scorso. Le vendite del quarto trimestre hanno raggiunto 12,1 milioni di dollari, con un reddito netto di 2,5 milioni di dollari. Il portafoglio ordini in attesa ha toccato un nuovo massimo di 33,1 milioni di dollari all'inizio dell'anno fiscale 25. Il CEO Tim Sopko ha attribuito il successo all'esecuzione di strategie di crescita redditizie e a forti performance in tutti i gruppi di prodotto, in particolare nel mercato Aerospaziale/Difesa. L'azienda prevede di continuare a investire nel proprio team, nelle tecnologie e nelle strutture per supportare la crescita futura.

Taylor Devices (NASDAQ: TAYD) reportó resultados financieros récord para el año fiscal 2024. La empresa logró ventas anuales de 44.6 millones de dólares, un aumento con respecto a los 40.2 millones de dólares del año fiscal 23. Los ingresos netos aumentaron a 9 millones de dólares (20.2% de las ventas), en comparación con 6.3 millones de dólares (15.6%) el año pasado. Las ventas del cuarto trimestre alcanzaron 12.1 millones de dólares, con ingresos netos de 2.5 millones de dólares. El backlog de pedidos firmes alcanzó un nuevo récord de 33.1 millones de dólares al comenzar el año fiscal 25. El CEO Tim Sopko atribuyó el éxito a la ejecución de estrategias de crecimiento rentables y al sólido rendimiento en todos los grupos de productos, especialmente en el mercado Aeroespacial/Defensa. La empresa planea seguir invirtiendo en su equipo, tecnologías e instalaciones para apoyar el crecimiento futuro.

테일러 디바이스(Taylor Devices)(NASDAQ: TAYD)가 2024 회계연도에 기록적인 재무 실적을 발표했습니다. 이 회사는 연간 매출 4460만 달러를 달성했으며, 이는 2023 회계연도의 4020만 달러에서 증가한 수치입니다. 순이익은 900만 달러로 급증했으며(매출의 20.2%), 지난해 630만 달러(15.6%)와 비교됩니다. 4분기 매출은 1210만 달러에 도달했으며, 순이익은 250만 달러입니다. 확정 주문 잔고는 3310만 달러로 2025 회계연도를 맞이하며 새로운 최고 기록을 경신했습니다. CEO 팀 소프코(Tim Sopko)는 성공의 원인을 수익성 있는 성장 전략의 실행 및 모든 제품군의 강력한 성과, 특히 항공 우주/국방 시장의 성과로 설명했습니다. 이 회사는 향후 성장을 지원하기 위해 팀, 기술 및 시설에 대한 투자를 계속할 계획입니다.

Taylor Devices (NASDAQ : TAYD) a annoncé des résultats financiers records pour l'exercice 2024. L'entreprise a réalisé des ventes annuelles de 44,6 millions de dollars, en hausse par rapport à 40,2 millions de dollars au cours de l'exercice 23. Le revenu net a grimpé à 9 millions de dollars (20,2 % des ventes), comparé à 6,3 millions de dollars (15,6 %) l'année précédente. Les ventes du quatrième trimestre ont atteint 12,1 millions de dollars, avec un revenu net de 2,5 millions de dollars. Le carnet de commandes fermes a atteint un nouveau sommet de 33,1 millions de dollars à l'entrée de l'exercice 25. Le PDG Tim Sopko a attribué ce succès à l'exécution de stratégies de croissance rentables et à de solides performances dans tous les groupes de produits, en particulier sur le marché de l'aérospatiale/défense. L'entreprise prévoit de continuer à investir dans son équipe, ses technologies et ses installations pour soutenir la croissance future.

Taylor Devices (NASDAQ: TAYD) hat Rekordzahlen für das Geschäftsjahr 2024 gemeldet. Das Unternehmen erzielte Jahresumsätze von 44,6 Millionen Dollar, ein Anstieg von 40,2 Millionen Dollar im Geschäftsjahr 23. Der Nettogewinn stieg auf 9 Millionen Dollar (20,2 % des Umsatzes), verglichen mit 6,3 Millionen Dollar (15,6 %) im Vorjahr. Die Umsätze im vierten Quartal erreichten 12,1 Millionen Dollar, mit einem Nettogewinn von 2,5 Millionen Dollar. Der Bestand an festen Aufträgen erreichte mit 33,1 Millionen Dollar einen neuen Höchststand zu Beginn des Geschäftsjahrs 25. CEO Tim Sopko führte den Erfolg auf die Umsetzung rentabler Wachstumsstrategien und die starke Leistung in allen Produktgruppen, insbesondere im Luft- und Raumfahrt-/Verteidigungsmarkt, zurück. Das Unternehmen plant, weiterhin in sein Team, in Technologien und in Einrichtungen zu investieren, um das zukünftige Wachstum zu unterstützen.

Positive
  • Record-breaking full-year sales of $44.6 million, up 10.9% from FY23
  • Net income for FY24 increased by 43.1% to $9 million (20.2% of sales)
  • Q4 sales grew 12.5% year-over-year to $12.1 million
  • Firm order backlog reached a new high of $33.1 million entering FY25
  • Strong performance in Aerospace/Defense market offsetting headwinds in Structural markets
  • Earnings per share for FY24 increased to $2.68 from $1.79 in FY23
Negative
  • Headwinds faced in Structural markets due to higher interest rates and unfavorable foreign exchange rates

Insights

Taylor Devices' FY2024 results are impressive, showcasing robust growth across key metrics. Sales increased by 10.9% year-over-year to a record $44.58 million, while net income surged by 43.1% to $8.99 million. The company's profit margin expanded significantly from 15.6% to 20.2%, indicating improved operational efficiency.

The firm's order backlog of $33.1 million entering FY2025 is particularly noteworthy, suggesting strong future revenue potential. However, investors should monitor the impact of higher interest rates and unfavorable foreign exchange rates on the Structural markets segment. The company's focus on Aerospace/Defense markets appears to be a strategic move to offset these challenges.

With a solid financial foundation and strategic growth initiatives, Taylor Devices seems well-positioned for continued success, but maintaining this growth trajectory will be key to watch in the coming quarters.

Taylor Devices' strong performance in the Aerospace/Defense sector is a significant positive indicator. This segment's growth has more than compensated for challenges in other markets, highlighting the company's adaptability and strategic focus. The increasing emphasis on this sector aligns well with current global trends, as defense spending remains robust in many countries.

The firm's shock absorption and energy storage technologies are important in aerospace applications, from aircraft landing gear to satellite deployment mechanisms. The record-high backlog suggests sustained demand for these specialized products. However, it's essential to monitor how geopolitical shifts and defense budget allocations might impact future orders.

Taylor's commitment to investing in team, technologies and facilities bodes well for maintaining its competitive edge in this high-tech sector. Investors should watch for any new product developments or contract announcements in the aerospace domain.

Taylor Devices' performance reflects broader market trends in its key sectors. The strong showing in Aerospace/Defense aligns with global increases in defense spending and technological advancements in the aerospace industry. However, the headwinds in Structural markets due to higher interest rates mirror challenges faced by the construction and infrastructure sectors globally.

The company's ability to offset these challenges through diversification is commendable. The record backlog of $33.1 million suggests market confidence in Taylor's products across various industries. This diversification strategy provides a buffer against sector-specific downturns.

Looking ahead, monitoring macroeconomic factors such as interest rates, currency fluctuations and government spending on infrastructure and defense will be crucial. Taylor's continued success will depend on its ability to navigate these external factors while maintaining its technological edge in shock absorption and energy storage solutions.

NORTH TONAWANDA, N.Y., Aug. 15, 2024 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 4th quarter sales of $12,065,211, up from last year's 4th quarter sales of $10,720,017.  Sales for the full year of $44,582,807 were significantly up from last year's level of $40,199,354.

Net income for the 4th quarter of $2,472,630 was up from last year's 4th quarter net income of $2,066,592 with net income for the fiscal year of $8,998,762, up dramatically from last year's fiscal year net income of $6,287,358.

"Our FY24 4th quarter and full year sales finished well ahead of last year's levels with the full year sales of $44.6 million setting a new high record exceeding the prior record of $40.2 million set last year", said Tim Sopko, CEO.  He continued, "Year-on-year net income for both the 4th quarter and full year improved substantially with the full year net income of $8.99 million or 20.2% of sales also setting a new high record exceeding our prior record of $6.3 million or 15.6% of sales set last year, FY23."  He further commented, "The continuing excellent performance of our team in the execution of our profitable growth strategies resulted in a firm order backlog of $33.1 million as we enter FY25. Very impressively, this is also a new record high for the company improving upon the prior record of $32.5 million set last year."  He continued, "While all three of our customer facing product groups; Aerospace/Defense, Structural and Industrial, once again contributed favorably to our results, positive momentum in our Aerospace/Defense market more than offset headwinds we faced in our Structural markets due to higher interest rates and unfavorable foreign exchange rates."  He concluded, "As we enter FY25, we will continue to invest in our team, technologies and facilities in support of our continuing pursuit of profitable growth going forward."

Taylor Devices, Inc. is a 69-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.

4th Quarter (3 months ended 05/31/24 & 5/31/23)

F/Y 24

F/Y 23

Sales

$   12,065,211

$   10,720,017

Net Earnings

$     2,472,630

$     2,066,592

Earnings per Share

$              0.80

$              0.59

Shares Outstanding

3,101,044

3,514,797




Fiscal Year

F/Y 24

F/Y 23

Sales

$   44,582,807

$   40,199,354

Net Earnings

$     8,998,762

$     6,287,358

Earnings per Share

$              2.68

$              1.79

Shares Outstanding

3,353,077

3,506,474

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

 

Cision View original content:https://www.prnewswire.com/news-releases/taylor-devices-announces-record-high-full-year-sales-profit-and-firm-order-backlog-for-fiscal-year-2024-concurrent-with-strong-fourth-quarter-results-302223202.html

SOURCE Regan & Associates, Inc.

FAQ

What were Taylor Devices' (TAYD) full-year sales for fiscal year 2024?

Taylor Devices reported record full-year sales of $44,582,807 for fiscal year 2024, up from $40,199,354 in the previous year.

How much did Taylor Devices' (TAYD) net income increase in FY 2024?

Taylor Devices' net income for FY 2024 increased to $8,998,762, up from $6,287,358 in FY 2023, representing a 43.1% increase.

What was Taylor Devices' (TAYD) firm order backlog at the end of FY 2024?

Taylor Devices reported a record-high firm order backlog of $33.1 million entering FY 2025, improving upon the prior record of $32.5 million set last year.

How did Taylor Devices' (TAYD) Q4 2024 performance compare to Q4 2023?

Taylor Devices' Q4 2024 sales were $12,065,211, up from $10,720,017 in Q4 2023. Net income for Q4 2024 was $2,472,630, compared to $2,066,592 in Q4 2023.

What factors contributed to Taylor Devices' (TAYD) strong performance in FY 2024?

Taylor Devices attributed its strong performance to the execution of profitable growth strategies, strong performance across all product groups, and particularly positive momentum in the Aerospace/Defense market.

Taylor Devices Inc

NASDAQ:TAYD

TAYD Rankings

TAYD Latest News

TAYD Stock Data

143.49M
3.05M
2.45%
38.18%
3.74%
Specialty Industrial Machinery
General Industrial Machinery & Equipment, Nec
Link
United States of America
NORTH TONAWANDA