TAYLOR DEVICES ANNOUNCES RECORD HIGH FULL YEAR SALES, PROFIT AND FIRM ORDER BACKLOG FOR FISCAL YEAR 2024 CONCURRENT WITH STRONG FOURTH QUARTER RESULTS

Rhea-AI Summary

Taylor Devices (NASDAQ: TAYD) reported record-breaking financial results for fiscal year 2024. The company achieved full-year sales of $44.6 million, up from $40.2 million in FY23. Net income surged to $9 million (20.2% of sales), compared to $6.3 million (15.6%) last year. Fourth-quarter sales reached $12.1 million, with net income of $2.5 million. The firm order backlog hit a new high of $33.1 million entering FY25. CEO Tim Sopko attributed the success to the execution of profitable growth strategies and strong performance across all product groups, particularly in the Aerospace/Defense market. The company plans to continue investing in its team, technologies, and facilities to support future growth.

Positive

• Record-breaking full-year sales of $44.6 million, up 10.9% from FY23
• Net income for FY24 increased by 43.1% to $9 million (20.2% of sales)
• Q4 sales grew 12.5% year-over-year to $12.1 million
• Firm order backlog reached a new high of $33.1 million entering FY25
• Strong performance in Aerospace/Defense market offsetting headwinds in Structural markets
• Earnings per share for FY24 increased to $2.68 from $1.79 in FY23

Negative

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

NORTH TONAWANDA, N.Y., Aug. 15, 2024 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 4^th quarter sales of $12,065,211, up from last year's 4^th quarter sales of $10,720,017.  Sales for the full year of $44,582,807 were significantly up from last year's level of $40,199,354.

Net income for the 4^th quarter of $2,472,630 was up from last year's 4^th quarter net income of $2,066,592 with net income for the fiscal year of $8,998,762, up dramatically from last year's fiscal year net income of $6,287,358.

"Our FY24 4^th quarter and full year sales finished well ahead of last year's levels with the full year sales of $44.6 million setting a new high record exceeding the prior record of $40.2 million set last year", said Tim Sopko, CEO.  He continued, "Year-on-year net income for both the 4^th quarter and full year improved substantially with the full year net income of $8.99 million or 20.2% of sales also setting a new high record exceeding our prior record of $6.3 million or 15.6% of sales set last year, FY23."  He further commented, "The continuing excellent performance of our team in the execution of our profitable growth strategies resulted in a firm order backlog of $33.1 million as we enter FY25. Very impressively, this is also a new record high for the company improving upon the prior record of $32.5 million set last year."  He continued, "While all three of our customer facing product groups; Aerospace/Defense, Structural and Industrial, once again contributed favorably to our results, positive momentum in our Aerospace/Defense market more than offset headwinds we faced in our Structural markets due to higher interest rates and unfavorable foreign exchange rates."  He concluded, "As we enter FY25, we will continue to invest in our team, technologies and facilities in support of our continuing pursuit of profitable growth going forward."

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.

4th Quarter (3 months ended 05/31/24 & 5/31/23)	F/Y 24	F/Y 23
Sales	$   12,065,211	$   10,720,017
Net Earnings	$     2,472,630	$     2,066,592
Earnings per Share	$              0.80	$              0.59
Shares Outstanding	3,101,044	3,514,797
Fiscal Year	F/Y 24	F/Y 23
Sales	$   44,582,807	$   40,199,354
Net Earnings	$     8,998,762	$     6,287,358
Earnings per Share	$              2.68	$              1.79
Shares Outstanding	3,353,077	3,506,474

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 Regan & Associates, Inc.

FAQ

What were Taylor Devices' (TAYD) full-year sales for fiscal year 2024?

Taylor Devices reported record full-year sales of $44,582,807 for fiscal year 2024, up from $40,199,354 in the previous year.

How much did Taylor Devices' (TAYD) net income increase in FY 2024?

Taylor Devices' net income for FY 2024 increased to $8,998,762, up from $6,287,358 in FY 2023, representing a 43.1% increase.

What was Taylor Devices' (TAYD) firm order backlog at the end of FY 2024?

Taylor Devices reported a record-high firm order backlog of $33.1 million entering FY 2025, improving upon the prior record of $32.5 million set last year.

How did Taylor Devices' (TAYD) Q4 2024 performance compare to Q4 2023?

Taylor Devices' Q4 2024 sales were $12,065,211, up from $10,720,017 in Q4 2023. Net income for Q4 2024 was $2,472,630, compared to $2,066,592 in Q4 2023.

What factors contributed to Taylor Devices' (TAYD) strong performance in FY 2024?

Taylor Devices attributed its strong performance to the execution of profitable growth strategies, strong performance across all product groups, and particularly positive momentum in the Aerospace/Defense market.