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Taylor Devices Announces Staggering Growth in Third Quarter Earnings

NORTH TONAWANDA, N.Y., March 28, 2024 -- Taylor Devices, Inc. (NASDAQ SmallCap: "TAYD") has reported a substantial increase in sales and net earnings for its third quarter year-over-year, signaling robust growth for the established engineering firm. The company's sales for this period surged to $12,254,093, marking a notable 24% uplift from last year's figures of $9,891,272. Moreover, the triumph continues with a 10% increase in sales over the first nine months of the financial year, totaling an impressive $32,517,596 compared to the prior year's $29,479,337.

The financial landscape for Taylor Devices further brightened, as net earnings for the third quarter stood at an exceptional $2,696,921, a significant leap from the preceding year's $1,658,887. In a similar vein, the net earnings for the first nine months soared to a hearty $6,526,132, climbing well above the earlier $4,220,766 benchmark.

Such consistent financial headway has not gone unnoticed; the company's CEO, Tim Sopko, illuminated the success with a narrative of strategic diversification and operational excellence. Sopko emphasized that sales within the Aerospace/Defense sector had flourished, thoroughly counterbalancing a slight downturn in the Structural product group, unambiguously indicating the value of the company's varied market presence.

Sopko further remarked with a dose of satisfaction that these latest sales figures were not merely improvements but established new record highs for both quarterly and nine-monthly sales in the company's history. Net earnings for the third quarter and the first nine months, he noted, mirrored this record-breaking trend, with the third quarter improving by 63% and the first nine months by 55% in terms of a percentage of sales.

These superlative results, the CEO articulated, are a testament to the organization's disciplined commitment to its growth strategies and continuous improvement across all functional areas - a result of several years of concerted effort by the Taylor Devices team. As fiscal year 2024 approaches its final quarter, Sopko affirmed the team's intent to persist in advancing their growth strategies, backed by sustained investments in talent, technology (R&D), and facility development, all in anticipation of further profitable expansion.

Demonstrating a confident posture going forward, Taylor Devices also boasted a firm order backlog climaxing at $30,200,000 at February's end, compared to the previous year's $27,800,000. This backlog stands as a proxy for the company's enduring traction and growth prospects.

Taylor Devices, Inc., with its rich 68-year history, engages in the development, design, manufacture, and marketing of shock absorption, rate control, and energy storage devices for an array of applications. These devices are essential for the smooth operation of vehicles, machinery, equipment, and structures. The company has consistently set its sights on conquering the domestic Aerospace and Defense market while also carving a significant niche in the global Structural Construction and Industrial markets.

Quarterly and Nine-Month Financial Highlights

A more granular dissection of the third quarter and first nine-month fiscal metrics uncloaks the following details:

• 3rd Quarter (3 months ended 02/29/24 & 02/28/23)

  • Fiscal Year 24 Sales: $12,254,093
  • Fiscal Year 23 Sales: $9,891,272
  • Fiscal Year 24 Net Earnings: $2,696,921
  • Fiscal Year 23 Net Earnings: $1,658,887
  • Earnings Per Share FY24: $0.82
  • Earnings Per Share FY23: $0.47
  • Shares Outstanding FY24: 3,302,497
  • Shares Outstanding FY23: 3,505,849

• 1st Nine Months (ended 02/29/24 & 02/28/23)

  • Fiscal Year 24 Sales: $32,517,596
  • Fiscal Year 23 Sales: $29,479,337
  • Fiscal Year 24 Net Earnings: $6,526,132
  • Fiscal Year 23 Net Earnings: $4,220,766
  • Earnings Per Share FY24: $1.91
  • Earnings Per Share FY23: $1.20
  • Shares Outstanding FY24: 3,411,703
  • Shares Outstanding FY23: 3,502,982

These particulars poignantly illustrate the company's upward trajectory and financial consolidation over the juxtaposed periods, underscoring a promising future.

Online Presence and Investor Relations

Taylor Devices extends an open invitation to the public, investors, and stakeholders to visit their website at www.taylordevices.com, a digital portal where the company's accomplishments, newsletters, and investor-related information are readily accessible. Additionally, a comprehensive section curated for investors can be found at www.taylordevices.com/investors, facilitating engagement and providing valuable insights into the company's strategic direction and financial health.

Contact Information

For further information and inquiries, interested parties are encouraged to connect with:

• Artie Regan
  • Regan & Associates, Inc.
  • Phone: (212) 587-3005
  • Fax: (212) 587-3006
  • Email: artie[email protected]

Artie Regan and his team at Regan & Associates are prepared to address any questions or information requests pertaining to Taylor Devices, Inc.

In summary, Taylor Devices, Inc. continues to exhibit financial robustness and strategic competency in the wake of its latest financial results. The company's proficiency in navigating market dynamics has yielded significant sales improvements and net earnings increases, setting new company records and underscoring a critical acumen in advancing growth strategies. With a focus on diversification and continuous improvement, bolstered by prudent investments in team, technology, and infrastructure, the future appears bright for this longstanding pioneer in the engineering sector.

As the company rounds the corner into the final quarter of fiscal year 2024, stakeholders can likely anticipate a sustained positive trend, buoyed by the emphatic financial results and a healthy order backlog. Taylor Devices stands as a testament to the longevity and adaptability required to thrive in an ever-evolving industry, showcasing the ability to break boundaries and achieve new heights in financial performance.

Whether for Aerospace and Defense, Structural Construction, or Industrial applications, Taylor Devices' unwavering commitment to quality, innovation, and customer satisfaction has charted the course for its sustained industry leadership. With its eyes steadfastly on the horizon, Taylor Devices, Inc. is well-poised to leverage its market diversity, operational excellence, and strategic foresight to seize new opportunities and continue on a path of profitable growth that benefits stakeholders and the broader industry.

Finally, as society increasingly relies on sophisticated machinery and infrastructure, the demand for Taylor Devices' expertise and specialized products is poised to scale new heights. It is the culmination of a strong foundation laid over decades and a vision sharply focused on the future that positions Taylor Devices, Inc. as a company to watch as it engineers a future defined by stability, control, and progress.

This news release of Taylor Devices, Inc.'s financials for the third quarter and first nine months of the fiscal year 2024 not only speaks to the company's prosperity but acts as a beacon of confidence for the industry and markets it serves. As Taylor Devices continues to innovate and expand, its financial success story becomes an inspiring narrative of dedication, strategic prowess, and forward-thinking that others in the engineering and manufacturing domains will no doubt seek to emulate.

SOURCE: Taylor Devices, Inc. has been and continues to be a pioneer in its field, a fact aptly reflected in this latest announcement and the clear trajectories outlined by its financial outcomes. For more information on Taylor Devices and its products or to seek commentary on the results, please refer to the provided contact details or visit the aforementioned URLs.

In conclusion, the double-digit growth in sales and net earnings reported by Taylor Devices exemplifies the resilience and strategic agility of a company deeply rooted in technological advancement and market acumen. Moving into the next fiscal periods, it is expected that Taylor Devices will maintain its upward climb and further solidify its position as a stalwart in its industry.

Taylor Devices, Inc. emerges from this financial briefing not only as a company having achieved historic financial benchmarks but also as an entity resolutely positioned for continued success in the dynamic landscape of 21st-century engineering and innovation.

The spirit of consistent improvement, underscored by these financial results, firmly underscores Taylor Devices' enduring maxim: engineering solutions that enable a more progressive, secure, and stable world.