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NORTH TONAWANDA, N.Y., Dec. 29, 2022 /PRNewswire/ — Taylor Devices, Inc. (NASDAQ SmallCap: “TAYD”) announced today that it had 2nd quarter sales of $10,497,366, up 35% from last year’s 2nd quarter sales of $7,757,986 while sales for the 1st six months were $19,588,065, up 30% from last year’s 1st six-month sales of $15,065,723.
Net earnings for the 2nd quarter were $1,559,508, up significantly from last year’s 2nd quarter net earnings of $659,804with net earnings for the 1st six months finishing at $2,561,879, also up significantly from last year’s net earnings for the 1st six months of $841,681.
“Our FY23 2nd quarter and 1st half sales finished significantly better than last year’s levels respectively with all three of our customer product groups; Aerospace/Defense, Structural and Industrial, sales levels improved year-on-year,” stated Tim Sopko, CEO. He continued, “This also sets a new high record for sales in the first six months of a fiscal year concurrent with sales in the quarter exceeding the $9 million threshold for the 3rd consecutive quarter, another first for our company.” He further commented, “Earnings for the 2nd quarter and 1st half are also significantly improved over last year’s levels both in total dollars as well as a percentage of sales; 136% better for the quarter and 204% better for the 1sthalf.” He continued, “This profitable growth is largely due to our team’s disciplined adherence to our growth strategies as well as their excellent work on continuous improvements implemented over the past several years across all functions in our business.” He concluded, “As we enter the 2nd half of our FY23, we will continue to focus on our growth strategies supported by our continued investments in our team, technologies (R&D) and facilities which we expect will continue to support our profitable growth going forward.”