TAYLOR DEVICES ANNOUNCES FIRST QUARTER RESULTS

Rhea-AI Summary

Taylor Devices (NASDAQ: TAYD) reported record Q1 FY25 results, with sales of $11,617,856, up 17% year-over-year, and net earnings of $2,666,655, a 44% increase from Q1 FY24. CEO Tim Sopko highlighted strong performance across all customer product groups, with Aerospace/Defense momentum offsetting headwinds in Structural markets. The firm order backlog stood at $28.4M, slightly above last year's Q1 and well ahead of the five-year Q1 average of $21.9M.

Taylor Devices, a 69-year-old company specializing in shock absorption and energy storage devices, continues to focus on growth strategies in domestic Aerospace and Defense markets, as well as global Structural Construction and Industrial markets. The company's earnings per share for Q1 FY25 were $0.85, compared to $0.52 in Q1 FY24, with 3,118,975 shares outstanding.

Positive

• Record Q1 sales of $11,617,856, up 17% year-over-year
• Net earnings increased by 44% to $2,666,655
• Earnings per share rose to $0.85 from $0.52 in Q1 FY24
• Firm order backlog of $28.4M, above the five-year Q1 average of $21.9M
• Strong performance across all customer product groups

Negative

• Headwinds in Structural markets due to high interest rates and unfavorable foreign exchange rates

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)
	main@reganproxy.com

 

View original content:https://www.prnewswire.com/news-releases/taylor-devices-announces-first-quarter-results-302260780.html

SOURCE Taylor Devices, Inc.

FAQ

What were Taylor Devices' (TAYD) Q1 FY25 financial results?

Taylor Devices reported Q1 FY25 sales of $11,617,856 and net earnings of $2,666,655, representing year-over-year increases of 17% and 44% respectively.

How did Taylor Devices' (TAYD) earnings per share change in Q1 FY25?

Taylor Devices' earnings per share increased to $0.85 in Q1 FY25, up from $0.52 in Q1 FY24.

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

Taylor Devices reported a firm order backlog of $28.4M at the end of Q1 FY25, slightly above last year's Q1 and higher than the five-year Q1 average of $21.9M.

Which markets are driving growth for Taylor Devices (TAYD)?

Taylor Devices is experiencing strong momentum in the Aerospace/Defense market, which is helping to offset headwinds in Structural markets.