Taylor Devices (TAYD) Q2 2025 earnings summary

Executive summary

• Net revenue for the six months ended November 30, 2024 was $20.2M, nearly flat year-over-year, with net income of $3.7M, down 3% from the prior year.

• Gross profit margin improved to 47% from 45% year-over-year, despite a 0.5% decrease in sales.

• Quarterly results showed a 17% decline in net revenue and a 47% drop in net income compared to the same quarter last year.

• U.S. sales declined 7% year-over-year for the six-month period, while sales to Asia rose 37%.

• Backlog at November 30, 2024 was $34.5M, up from $33.1M at prior year-end.

Financial highlights

• Six-month net income was $3.7M, down from $3.8M year-over-year; EPS was $1.19 vs. $1.09.

• Operating income for six months was $3.8M, down 3% year-over-year.

• Three-month net income was $1.1M, down from $2.0M year-over-year; EPS was $0.34 vs. $0.56.

• Gross profit for the quarter was $3.9M, down 19% year-over-year.

• Other income for the six months was $685K, down 10% year-over-year due to lower investment interest.

Outlook and guidance

• Majority of backlog expected to be recognized as revenue in fiscal 2025 and 2026.

• Management notes that results fluctuate period to period and are not necessarily indicative of future results.