Taylor Devices Announces First Quarter Results
Taylor Devices, Inc. (NASDAQ: TAYD) reported a 1st quarter sales increase to $7,307,737, up from $5,759,457 year-over-year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Taylor Devices, Inc. (NASDAQ: TAYD) reported a 1st quarter sales increase to $7,307,737, up from $5,759,457 year-over-year. Net earnings rose slightly to $181,877 compared to $176,011 in the previous year. Despite sales growth, profit margins were pressured by material and labor cost increases due to COVID-19. The company’s firm order backlog improved significantly to $19,400,000 from $10,300,000 a year prior, indicating positive market recovery prospects.
Positive
- 1st quarter sales increased by 27% year-over-year.
- Net earnings improved slightly despite rising costs.
- Firm order backlog rose to $19.4 million, up 88% year-over-year, indicating growth potential.
Negative
- Profit margins were impacted by higher material and labor costs due to COVID-19.
- Lower margin projects with Asian customers affected profitability.
Details
News Market Reaction – TAYD
The recorded move for TAYD in the trading session of this news was -2.13%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NORTH TONAWANDA, N.Y., Sept. 30, 2021 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 1st quarter sales of
Net earnings for the 1st quarter were
"FY22 Q1 sales are up significantly compared to last year's Q1 sales although net profit finished only slightly improved despite the higher volume", stated Tim Sopko, CEO. He continued, "Profit was adversely impacted predominantly by greater than expected COVID-19 driven material and labor cost increases exacerbated by lower margin projects with customers in Asia that we are still working through in our firm order backlog." He further commented, "The markets and customers we serve continue to show signs of recovery from the negative impacts of the pandemic as our favorable firm order backlog level at the end of FY22 Q1 indicates." He concluded, "This coupled with the continuing high level of investment in our people, technologies (R&D) and operational capabilities positions us well to take advantage of the opportunities in our chosen markets as the global economies continue to recover from the negative impacts of the pandemic."
The company's firm order backlog was
Taylor Devices, Inc. is a 66-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.
1st Quarter (3 months ended 8/31/21 & 8/31/20) | F/Y 22 | F/Y 21 |
Sales | ||
Net Earnings | $ 181,877 | $ 176,011 |
Earnings per Share | $ 0.05 | $ 0.05 |
Shares Outstanding | 3,496,522 | 3,487,085 |
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-first-quarter-results-301388936.html
SOURCE Taylor Devices, Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.