PR Newswire
NORTH TONAWANDA, N.Y., Sept. 27, 2024
NORTH TONAWANDA, N.Y., Sept. 27, 2024 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had first quarter sales of $11,617,856, up from last year's first quarter sales of $9,923,628.
Net earnings for the first quarter were $2,666,655, significantly up from last year's first quarter earnings of $1,847,863.
"The very strong execution by our team in FY24 continued this first quarter of our FY25 as new company high Q1 records were set for both sales and net earnings with improvements of 17% and 44% year-on-year respectively," stated Tim Sopko, CEO. He continued, "Once again, all three of our customer product groups; Aerospace/Defense, Structural and Industrial contributed to these results with the favorable momentum in our Aerospace/Defense market continuing to offset the headwinds we have been experiencing in our Structural markets due to high interest rates and unfavorable foreign exchange rates." He further commented, "The benefit of our team's relentlessly disciplined focus on our Profitable Growth Campaigns over the past several years can be seen in our firm order backlog at the end of this Q1 of $28.4M which is not only slightly improved over the $28.3M we had at the end of last year's Q1 but well ahead of the average firm order backlog level over our past five fiscal year Q1's of $21.9M." He concluded, "As our FY25 continues, we remain focused on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities."
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.
First Quarter (3 months ended 08/31/24 & 8/31/23) | Fiscal 2025 | Fiscal 2024 | ||
Sales | $ 11,617,856 | $ 9,923,628 | ||
Net Earnings | $ 2,666,655 | $ 1,847,863 | ||
Earnings per Share | $ 0.85 | $ 0.52 | ||
Shares Outstanding | 3,118,975 | 3,520,910 |
Taylor's website can be visited at: www.taylordevices.com, with company newsletters and other pertinent information at www.taylordevices.com/investors.
Contact: | Artie Regan |
Regan & Associates, Inc. | |
212) 587-3005 (phone) | |
212) 587-3006 (fax) | |
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SOURCE Taylor Devices, Inc.
