Taylor Devices, Inc. (NASDAQ: TAYD) shares faltered Wednesday. The North Tonawanda-based company announced today that it had first quarter sales of $9,918,350, down from last year's first quarter sales of $11,617,856.
Net earnings for the first quarter were $2,190,084, also down from last year's first quarter earnings of $2,666,655.
Said CEO Tim Spoko, "While our sales and net earnings for this fiscal year first quarter finished a bit down vs. the record highs we set last year, 15% and 18% respectively, the sales of $9.9M and net earnings of $2.2M achieved this year are both better than their averages over our past four fiscal year first quarters which are $9.5M and $1.4M respectively".
"The benefit of our market diversity can be seen once again with a near equal split of our first quarter sales between our Structural and Industrial product group customers vs. our Aerospace/Defense product group customers; 49% and 51% respectively."
Taylor Devices is a 70-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 and structures.
“The company continues to target growth,” said this morning’s news release, “in the domestic Aerospace and Defense market as well as global Structural Construction and Industrial markets.”
TAYD shares dipped $3.56, or 0.4%, to $45.50
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