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TAYLOR DEVICES ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS INCLUDING RECORD HIGH SALES AND EARNINGS

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Taylor Devices, Inc. (TAYD) reported impressive financial results for the 3rd quarter and 1st nine months of FY24 with sales up 24% and 10% respectively, along with significant increases in net earnings. The CEO highlighted the company's market diversity and growth strategies contributing to the record-high sales and earnings. Taylor Devices continues to target growth in Aerospace/Defense and Structural Construction markets.
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The reported increase in quarterly sales by 24% and net earnings growth of 63% for Taylor Devices, Inc. indicates a robust performance, outpacing the previous year's figures. This performance may suggest a strong demand for the company's products, particularly in the Aerospace/Defense sector, which could be due to increased military spending or new contracts. The company's ability to offset declines in the Structural product group with gains in other areas demonstrates a healthy diversification strategy.

From a financial perspective, the improvement in earnings per share (EPS) from $0.47 to $0.82 for the quarter is a positive sign for shareholders as it implies a higher return on their investment. Furthermore, the firm order backlog growth from $27.8 million to $30.2 million provides visibility into future revenues, which is reassuring for investors assessing the company's pipeline and growth prospects.

Considering the competitive landscape of the shock absorption and energy storage device industry, Taylor Devices' record-high sales and earnings signify potential market share gains or successful penetration into new markets. The focus on R&D investments could be indicative of a strategy to innovate and stay ahead of competition, which is critical in sectors like Aerospace/Defense that are driven by technological advancements. Additionally, the emphasis on growth strategies in the CEO's statement suggests that the company is not resting on its laurels but is actively seeking new opportunities for expansion.

It's also worth noting the impact of macroeconomic factors such as global defense spending trends and infrastructure development on the company's performance. As Taylor Devices targets growth in both domestic and global markets, factors like geopolitical tensions and government budgets for defense and infrastructure could significantly influence their business trajectory.

The financial results of Taylor Devices, Inc. reflect broader economic trends. The increase in sales and net earnings could be partially attributed to the overall economic recovery following any downturns or recessions, which typically leads to higher capital expenditures by companies and governments. The structural diversification of the company's product offerings acts as a hedge against sector-specific downturns, which is a prudent approach in an uncertain economic climate.

Moreover, the company's performance must be contextualized within the inflationary environment. If the cost of raw materials and labor has increased, the fact that Taylor Devices has managed to increase its net earnings significantly suggests effective cost management and pricing strategies. This could be an important aspect for investors who are concerned about companies' abilities to maintain profitability amidst rising costs.

NORTH TONAWANDA, N.Y., March 28, 2024 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 3rd quarter sales of $12,254,093, up 24% from last year's 3rd quarter sales of $9,891,272 while sales for the 1st nine months were $32,517,596, up 10% from last year's 1st nine-month sales of $29,479,337.

Net earnings for the 3rd quarter were $2,696,921, up significantly from last year's 3rd quarter net earnings of $1,658,887 with net earnings for the 1st nine months finishing at $6,526,132, also up significantly from last year's net earnings for the 1st nine months of $4,220,766.

"Our FY24 3rd quarter and 1st nine-month sales finished significantly better than last year's levels respectively with the benefit of our market diversity demonstrated by increased sales to our Aerospace/Defense product group customers more than offsetting a decrease in sales to our Structural product group customers," stated Tim Sopko, CEO.  He continued, "Additionally, these sales levels establish new company highs for sales in a quarter as well as the 1st nine months of a fiscal year."  He further commented, "Similarly, net earnings for the 3rd quarter and 1st nine months are also significantly improved over last year's levels both in total dollars as well as a percentage of sales; 63% better for the quarter and 55% better for the 1st nine months, while also establishing new company highs for net earnings in a quarter as well as the 1st nine months of a fiscal year."  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 4th and final quarter of our FY24, 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 $30,200,000 at the end of this February as compared to $27,800,000 at the end of February last year.   

Taylor Devices, Inc. is a 68-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 02/29/24 & 02/28/23)

F/Y 24


F/Y 23

Sales

$   12,254,093


$    9,891,272

Net Earnings

$     2,696,921


$    1,658,887

Earnings per Share

$              0.82


$             0.47

Shares Outstanding

3,302,497


3,505,849





1st Nine months (ended 02/29/24 & 02/28/23)

F/Y 24


F/Y 23

Sales

$  32,517,596


$   29,479,337

Net Earnings

$    6,526,132


$     4,220,766

Earnings per Share

$             1.91


$              1.20

Shares Outstanding

3,411,703


3,502,982

 

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:

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(212) 587-3005 (phone)


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main@reganproxy.com

 

Cision View original content:https://www.prnewswire.com/news-releases/taylor-devices-announces-third-quarter-and-nine-month-results-including-record-high-sales-and-earnings-302102542.html

SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices, Inc.'s sales figures for the 3rd quarter of FY24?

Taylor Devices reported 3rd quarter sales of $12,254,093 for FY24.

How did Taylor Devices' net earnings for the 1st nine months of FY24 compare to the previous year?

Taylor Devices' net earnings for the 1st nine months of FY24 were $6,526,132, significantly higher than the previous year.

What markets does Taylor Devices target for growth?

Taylor Devices targets growth in the domestic Aerospace and Defense market as well as global Structural Construction and Industrial markets.

What was Taylor Devices' firm order backlog at the end of February for FY24?

Taylor Devices' firm order backlog was $30,200,000 at the end of February for FY24.

What is the CEO of Taylor Devices, Inc.'s name?

The CEO of Taylor Devices, Inc. is Tim Sopko.

Taylor Devices Inc

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Specialty Industrial Machinery
General Industrial Machinery & Equipment, Nec
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NORTH TONAWANDA