Taylor Devices Stock Gains Despite Lower Q3 Earnings

Taylor Devices

31.50 USD -1.72%

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(RTTNews) - Taylor Devices, Inc. (TAYD), a manufacturer of shock and vibration control devices, on Friday announced a decline in third quarter net income, compared with the last year.

However, shares of Taylor Devices are increasing.

In the third quarter, net income declined to $2.01 million from $2.70 million last year.

Earnings per share also decreased to $0.64, from $0.82 in the previous year.

Sales for the quarter were $10.56 million compared with $12.25 million the previous year.

Tim Sopko, CEO said, "Despite the headwinds we faced due to high interest rates as well as the US Government's Continuing Resolution, the benefits of our market diversification and careful focus on stable and growing markets can be seen in our firm order backlog which finished at $33.3M at the end of this February as compared to $30,2M at the end of February last year."

Taylor Devices is currently trading, 4.20% at $33.25 on the Nasdaq.