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Soaring sales of its equipment to protect buildings and bridges from earthquake and wind damage helped push Taylor Devices’ first-quarter profits up by 49 percent, the North Tonawanda shock absorber manufacturer said Thursday.
The big jump in profits was fueled by a 60 percent surge in the company’s sales, especially for projects in both the United States and the Far East that are including the company’s dampers to help buildings and bridges better withstand earthquakes or high winds.
Taylor Devices’ profits strengthened to $607,817, or 18 cents per share, during the quarter that ended in August, up from $408,117, or 13 cents per share, a year earlier.
The company’s sales grew even faster, rising to $7.3 million, from $4.6 million a year ago.
Most of the jump in sales came from Taylor Devices’ construction business, where revenues almost doubled to $4.8 million, or almost two-thirds of the company’s total sales. But the company’s other businesses also had double-digit sales increases, with revenues rising by 22 percent to $1.9 million at its aerospace and defense products unit and by 11 percent at its industrial products segment.
Taylor Devices’ sales to U.S. customers, which accounted for a little more than half of the company’s overall revenues, jumped by 73 percent to $3.8 million. Revenues from Asian contracts grew by 56 percent to $2.9 million, the company said in a filing with the Securities and Exchange Commission.
At the end of August, the company said it had 148 orders in its backlog, which was 12 percent more than a year ago, although the value of that work was down 37 percent at $13.8 million.
The company is in the midst of a $2.5 million expansion project that is expected to more than double its manufacturing space by the end of the year and ease a space crunch, especially for its large parts machining and assembly operations.
Taylor Devices has purchased three industrial buildings located about 1.4 miles from its current facilities on Tonawanda Island.
Those buildings are being renovated into production space that will house all of its machining and metalworking operations.
The company plans to keep its assembly and product testing areas at its existing plant on Tonawanda Island, but those operations will have much more space because of the area freed up by the relocated production facilities.
Taylor Devices’ engineering and corporate offices also are staying at the Tonawanda Island building.
“The expansion of our manufacturing facilities is continuing on schedule and we expect the entire process to be completed as planned and within budget,” said Douglas P. Taylor, the company’s president.
email: drobinson@buffnews.com