TAYLOR DEVICES ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) reported a 35% increase in 2nd quarter sales, reaching $10,497,366, compared to $7,757,986 in the same period last year. The 1st half sales grew 30% to $19,588,065. Net earnings surged to $1,559,508 in the 2nd quarter, up from $659,804 last year, with a 204% rise in net earnings for the first half at $2,561,879. With a firm order backlog of $18,100,000, the company also reported $12 million in additional orders booked in December 2022.

Positive

• 2nd quarter sales increased by 35% to $10,497,366.
• 1st half sales rose by 30% to $19,588,065.
• Net earnings for the 2nd quarter improved to $1,559,508, a 136% increase.
• Net earnings for the 1st half grew by 204% to $2,561,879.
• Firm order backlog increased to $18,100,000.

Negative

• None.

NORTH TONAWANDA, N.Y., Dec. 29, 2022 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 2^nd quarter sales of $10,497,366, up 35% from last year's 2^nd quarter sales of $7,757,986 while sales for the 1^st six months were $19,588,065, up 30% from last year's 1^st six-month sales of $15,065,723.

Net earnings for the 2^nd quarter were $1,559,508, up significantly from last year's 2^nd quarter net earnings of $659,804 with net earnings for the 1^st six months finishing at $2,561,879, also up significantly from last year's net earnings for the 1^st six months of $841,681.

"Our FY23 2nd quarter and 1st half sales finished significantly better than last year's levels respectively with all three of our customer product groups; Aerospace/Defense, Structural and Industrial, sales levels improved year-on-year," stated Tim Sopko, CEO.  He continued, "This also sets a new high record for sales in the first six months of a fiscal year concurrent with sales in the quarter exceeding the $9 million threshold for the 3^rd consecutive quarter, another first for our company."  He further commented, "Earnings for the 2^nd quarter and 1^st half are also significantly improved over last year's levels both in total dollars as well as a percentage of sales; 136% better for the quarter and 204% better for the 1^st half."  He continued, "This profitable growth is largely due to our team's disciplined adherence to our growth strategies as well as their excellent work on continuous improvements implemented over the past several years across all functions in our business."  He concluded, "As we enter the 2^nd half of our FY23, we will continue to focus on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities which we expect will continue to support our profitable growth going forward."

The company's firm order backlog was $18,100,000 at the end of the 1st six months of this fiscal year as compared to $17,000,000 at the end of the 1st six months last fiscal year.  While too late to be included in the backlog as of November 30, 2022, the Company recorded an additional $12 million of sales order bookings in the month of December. 

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

2nd Quarter  (3 months ended 11/30/22 & 11/30/21)	F/Y 23	F/Y 22
Sales	$  10,497,366	$    7,757,986
Net Earnings	$    1,559,508	$       659,804
Earnings per Share	$             0.45	$             0.19
Average Number of Shares Outstanding	3,499,598	3,496,610
1st Half  (6 months ended 11/30/22 & 11/30/21)	F/Y 23	F/Y 22
Sales	$  19,588,065	$  15,065,723
Net Earnings	$    2,561,879	$       841,681
Earnings per Share	$             0.73	$             0.24
Average Number of Shares Outstanding	3,500,172	3,496,697

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

 

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SOURCE Taylor Devices, Inc.

FAQ

What were the 2nd quarter sales figures for Taylor Devices (TAYD) in FY23?

Taylor Devices (TAYD) reported 2nd quarter sales of $10,497,366, marking a 35% increase from the previous year.

How much did Taylor Devices (TAYD) earn in net earnings for the 1st half of FY23?

In the 1st half of FY23, Taylor Devices (TAYD) achieved net earnings of $2,561,879, which is a 204% increase compared to last year's earnings.

What is the current order backlog for Taylor Devices (TAYD)?

As of the end of the 1st half of FY23, Taylor Devices (TAYD) reported a firm order backlog of $18,100,000.

How much did Taylor Devices (TAYD) increase its sales in the first six months of FY23?

Sales for the first six months of FY23 increased by 30% to $19,588,065 compared to the same period last year.