TAYLOR DEVICES ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) reported net earnings of $659,804 for Q2 FY22, a slight increase from $645,290 in the same quarter last year. Total sales surged to $7,757,986, up 64% from $4,717,597 in Q2 FY21. For the first half, net earnings reached $841,681, up from $821,301, with sales climbing to $15,065,723 from $10,477,054.

The order backlog stood at $17,000,000, reflecting growth compared to last year.

Positive

• Q2 net earnings increased to $659,804, up 2.0% YoY.
• Sales for Q2 rose 64% to $7,757,986, indicating strong market demand.
• First-half net earnings grew to $841,681, a 2.0% increase from the previous year.
• Sales for the first half jumped 44% to $15,065,723.
• Firm order backlog increased to $17,000,000 from $15,400,000 YoY.

Negative

• None.

NORTH TONAWANDA, N.Y., Dec. 29, 2021 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 2^nd quarter Net earnings of $659,804, up slightly from last year's 2^nd quarter Net earnings of $645,290.  Net earnings for the 1^st six months were $841,681, also up slightly from last year's Net earnings for the 1^st six months of $821,301.

Sales for the 2^nd quarter were $7,757,986, up 64% from last year's 2^nd quarter sales of $4,717,597.  Sales for the 1^st six months were $15,065,723, up 44% from last year's 1^st six-month sales of $10,477,054.

"Our FY22 2nd quarter and 1st Half sales finished not only significantly better than last year's levels respectively but also in line with more recent pre-pandemic sales volumes," stated Tim Sopko, CEO. He further commented, "These higher volumes, including increased sales to our domestic customers, resulted in improved Net earnings from last year's levels despite the unprecedented material and labor cost escalations that we continue to see due to COVID-19." He continued, "While we are clearly not out of the COVID-19 "woods" yet, our customers and the markets we serve continue to show signs of recovery which is encouraging." 

He concluded, "As we turn the half-way point of our fiscal year, our priorities continue to be the health and safety of our employees and their families while we continue to deliver our critically needed components to our customers on time." 

The company's firm order backlog was $17,000,000 at the end of the 1st six months of this fiscal year as compared to $15,400,000 at the end of the 1st six months last fiscal year. 

Taylor Devices, Inc. is a 66-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 11/30/21 & 11/30/20)	F/Y 22	F/Y 21
Sales	$7,757,986	$4,717,597
Net Earnings	$  659,804	$  645,290
Earnings per Share	$        0.19	$        0.19
Shares Outstanding	3,496,610	3,487,241
1st Half  (6 months ended 11/30/21 & 11/30/20)	F/Y 22	F/Y 21
Sales	$15,065,723	$10,477,054
Net Earnings	$      841,681	$     821,301
Earnings per Share	$            0.24	$           0.24
Shares Outstanding	3,496,697	3,487,397

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-second-quarter-and-six-month-results-301451467.html

SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices' Q2 FY22 net earnings?

Taylor Devices reported net earnings of $659,804 for Q2 FY22.

How much did sales increase for Taylor Devices in Q2 FY22?

Sales increased by 64% to $7,757,986 in Q2 FY22.

What is the order backlog for Taylor Devices as of the end of the first half of FY22?

The order backlog is $17,000,000 at the end of the first half of FY22.

Did Taylor Devices experience net earnings growth in the first half of FY22?

Yes, net earnings for the first half of FY22 were $841,681, up from $821,301 last year.

What were the sales figures for the first half of FY22 for Taylor Devices?

Sales for the first half of FY22 reached $15,065,723, a 44% increase from the previous year.