Taylor Devices, Inc. (NASDAQ SmallCap: “TAYD”) announced today that it had 1st quarter sales of $7,307,737, up from last year’s 1st quarter sales of $5,759,457.
Net earnings for the 1st quarter were $181,877, up slightly from last year’s 1st quarter earnings of $176,011.
“FY22 Q1 sales are up significantly compared to last year’s Q1 sales although net profit finished only slightly improved despite the higher volume”, stated Tim Sopko, CEO. He continued, “Profit was adversely impacted predominantly by greater than expected COVID-19 driven material and labor cost increases exacerbated by lower margin projects with customers in Asia that we are still working through in our firm order backlog.” He further commented, “The markets and customers we serve continue to show signs of recovery from the negative impacts of the pandemic as our favorable firm order backlog level at the end of FY22 Q1 indicates.” He concluded, “This coupled with the continuing high level of investment in our people, technologies (R&D) and operational capabilities positions us well to take advantage of the opportunities in our chosen markets as the global economies continue to recover from the negative impacts of the pandemic.”
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Additionally, the Annual Shareholder’s Meeting will be held virtually October 22, 2021.