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

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Insights

Taylor Devices' FY2024 results are impressive, showcasing robust growth across key metrics. Sales increased by 10.9% year-over-year to a record $44.58 million, while net income surged by 43.1% to $8.99 million. The company's profit margin expanded significantly from 15.6% to 20.2%, indicating improved operational efficiency.

The firm's order backlog of $33.1 million entering FY2025 is particularly noteworthy, suggesting strong future revenue potential. However, investors should monitor the impact of higher interest rates and unfavorable foreign exchange rates on the Structural markets segment. The company's focus on Aerospace/Defense markets appears to be a strategic move to offset these challenges.

With a solid financial foundation and strategic growth initiatives, Taylor Devices seems well-positioned for continued success, but maintaining this growth trajectory will be key to watch in the coming quarters.

Taylor Devices' strong performance in the Aerospace/Defense sector is a significant positive indicator. This segment's growth has more than compensated for challenges in other markets, highlighting the company's adaptability and strategic focus. The increasing emphasis on this sector aligns well with current global trends, as defense spending remains robust in many countries.

The firm's shock absorption and energy storage technologies are important in aerospace applications, from aircraft landing gear to satellite deployment mechanisms. The record-high backlog suggests sustained demand for these specialized products. However, it's essential to monitor how geopolitical shifts and defense budget allocations might impact future orders.

Taylor's commitment to investing in team, technologies and facilities bodes well for maintaining its competitive edge in this high-tech sector. Investors should watch for any new product developments or contract announcements in the aerospace domain.

Taylor Devices' performance reflects broader market trends in its key sectors. The strong showing in Aerospace/Defense aligns with global increases in defense spending and technological advancements in the aerospace industry. However, the headwinds in Structural markets due to higher interest rates mirror challenges faced by the construction and infrastructure sectors globally.

The company's ability to offset these challenges through diversification is commendable. The record backlog of $33.1 million suggests market confidence in Taylor's products across various industries. This diversification strategy provides a buffer against sector-specific downturns.

Looking ahead, monitoring macroeconomic factors such as interest rates, currency fluctuations and government spending on infrastructure and defense will be crucial. Taylor's continued success will depend on its ability to navigate these external factors while maintaining its technological edge in shock absorption and energy storage solutions.

08/15/2024 - 08:30 AM

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.听 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.听 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."听 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."听 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."听 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.听 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	$听听 12,065,211	$听听 10,720,017
Net Earnings	$听听听听 2,472,630	$听听听听 2,066,592
Earnings per Share	$听听听听听听听 0.80	$听听听听听听听 0.59
Shares Outstanding	3,101,044	3,514,797

Fiscal Year	F/Y 24	F/Y 23
Sales	$听听 44,582,807	$听听 40,199,354
Net Earnings	$听听听听 8,998,762	$听听听听 6,287,358
Earnings per Share	$听听听听听听听 2.68	$听听听听听听听 1.79
Shares Outstanding	3,353,077	3,506,474

Taylor's website can be visited at: 听听; with company newsletters and other pertinent information at .

Taylor Devices, Inc.

Contact:	Artie Regan
	Regan & Associates, Inc.
	(212) 587-3005 (phone)
	(212) 587-3006 (fax)
	main@reganproxy.com

听

View original content:

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.

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