TAYLOR DEVICES ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS

Rhea-AI Summary

Taylor Devices, Inc. (TAYD) announced significant financial results for its 3rd quarter and first nine months of FY23. Sales reached $9,891,272, a 61% increase from $6,143,329 in the same quarter last year. Year-to-date sales totaled $29,479,337, up 39% from $21,209,052. The company reported net earnings of $1,658,887, recovering from a loss of $117,293 in the previous year. For the first nine months, net earnings were $4,220,766, up from $724,388. The firm order backlog stands at $27,800,000, indicating strong demand. These results highlight ongoing growth in Taylor’s key markets: Aerospace, Defense, Structural, and Industrial.

Positive

• Sales increased by 61% year-over-year in Q3 to $9,891,272.
• Year-to-date sales up 39% to $29,479,337.
• Net earnings for Q3 were $1,658,887, a significant recovery from a loss last year.
• Net earnings for the first nine months rose to $4,220,766 from $724,388.
• Order backlog increased to $27,800,000, reflecting strong demand.

Negative

• None.

NORTH TONAWANDA, N.Y., March 30, 2023 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 3^rd quarter sales of $9,891,272, up 61% from last year's 3^rd quarter sales of $6,143,329 while sales for the 1^st nine months were $29,479,337, up 39% from last year's 1^st nine-month sales of $21,209,052.

Net earnings for the 3^rd quarter were $1,658,887, up significantly from last year's 3^rd quarter net loss of $117,293 with net earnings for the 1^st nine months finishing at $4,220,766, also up substantially from last year's net earnings for the 1^st nine months of $724,388.

"Our FY23 3^rd quarter and 1st nine-month sales finished significantly better than last year's levels respectively with all three of our customer product group: 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 nine months of a fiscal year concurrent with sales in the quarter exceeding the $9 million threshold for the 4th consecutive quarter, another first for our company."  He further commented, "Earnings for the 3^rd quarter and 1^st nine months are also significantly improved over last year's levels both in total dollars as well as a percentage of sales; 1,514% better for the quarter and 483% better for the 1^st nine months.  Additionally, the year-to-date net earnings of $4.22 million on $29.5 million of sales (14.3% of sales} exceeds the record for net earnings which was set in FY16 at $4.21 million on $35.7 million of sales (11.8% of sales)."  He further commented, "We continue to reap the benefits of 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 4^th and final quarter 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 is $27,800,000 at the end of this February as compared to $18,100,000 three months ago and $17,400,000 at the end of February last year.   

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. 

3rd Quarter (3 months ended 02/28/23 & 02/28/22)	F/Y 23	F/Y 22
Sales	$   9,891,272	$   6,143,329
Net Earnings	$   1,658,887	$     -117,293
Earnings per Share	$              0.47	$             -0.03
Shares Outstanding	3,505,849	3,496,833

 

1st Nine months (ended 02/28/23 & 02/28/22)	F/Y 23	F/Y 22
Sales	$  29,479,337	$  21,209,052
Net Earnings	$    4,220,766	$        724,388
Earnings per Share	$               1.20	$               0.21
Shares Outstanding	3,502,982	3,496,968

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 sales figures for Taylor Devices (TAYD) in the 3rd quarter of FY23?

Taylor Devices reported 3rd quarter sales of $9,891,272, a 61% increase from the previous year.

How did Taylor Devices (TAYD) perform financially in the first nine months of FY23?

In the first nine months of FY23, Taylor Devices achieved sales of $29,479,337, up 39% from $21,209,052 in the same period last year.

What were the net earnings for Taylor Devices (TAYD) in FY23 3rd quarter?

The net earnings for the 3rd quarter of FY23 were $1,658,887, a significant improvement from a loss of $117,293 last year.

How much is Taylor Devices' (TAYD) order backlog?

Taylor Devices reported a firm order backlog of $27,800,000 as of the end of February 2023.

What is the net earnings for the first nine months of FY23 for Taylor Devices (TAYD)?

The net earnings for the first nine months of FY23 were $4,220,766, compared to $724,388 in the same period last year.