NORTH TONAWANDA, N.Y., Aug. 15, 2024 /PRNewswire/ -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") announced today that it had 4th quarter sales of $12,065,211, up from last year's 4th 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 4th quarter of $2,472,630 was up from last year's 4th 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 4th 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 4th 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) | |
[email protected] |
SOURCE Regan & Associates, Inc.
