Taylor Devices Announces Fourth Quarter 2022 Results

Net income for the 4th quarter of $1,515,034 was significantly up from last year’s 4th quarter net income of $59,276 with net income for the fiscal year of $2,239,423, also significantly up from last year’s fiscal year net income of $1,062,895.

“The post pandemic market recovery that we started to see at the end of FY21 continued in FY22, particularly in the markets that our Structural products serve where $6.1 million or 73% of the $8.4 million increase in sales over last year was realized,” said Tim Sopko, CEO. He continued, “All three of our customer product groups; Aerospace/Defense, Structural and Industrial, finished at levels greater than their respective averages over the prior five years for bookings, sales and backlog which is indicative of the overall relative improvement across the business.” He continued, “Full year net profit finished at $2.2 million or 7.3% of sales vs. last year’s $1.1 million or 4.7% of sales.” He added, “As FY21 net profit included almost $3 million of U.S. federal government financial assistance due to the COVID-19 pandemic vs the $54 thousand received this year, the improvement in FY22 over FY21 is significantly better as can be seen at the operating profit level.” He continued, “Unprecedented escalation of material costs, particularly steels, challenged our profitability in FY22 with the negative impact more significant for orders that were in our backlog at the start of the year as they were priced prior to the unprecedented increases.” He concluded, “We enter FY23 with a very strong firm order backlog of $23.7 million as compared to $22.0 million the prior year. This, supported by our continued investments in our people, technology, processes and facilities positions us well to continue successfully on our profitable growth journey in FY23.”