A jump in U.S. orders for dampers to protect buildings and bridges from being damaged by earthquakes and high winds helped Taylor Devices’ profits rise by 83 percent in the second quarter.
With the North Tonawanda shock absorber manufacturer working on almost a third more construction projects than it was a year ago, Taylor Devices’ sales grew by 32 percent, to $8.8 million, during the quarter that ended in November, up from $6.7 million a year earlier.
Its profits rose to $924,658, or 27 cents per share, from $504,313, or 15 cents per share, a year ago.
“We are receiving new seismic orders for dampers that are, quite frankly, larger than ones we have previously manufactured,” said Douglas P. Taylor, the company’s president.
To accommodate the bigger dampers, Taylor Devices is building an addition to its North Tonawanda factory that will allow it to test and assemble bigger dampers than its current equipment can handle, Taylor said.
The 10,000-square-foot addition is expected to be completed later this year.
Most of the gains during the second quarter came from sales of dampers, where revenues grew by 50 percent. Sales of the company’s aerospace and defense products grew by 14 percent. The company’s U.S. markets were strong, with domestic sales rising by 49 percent, while revenues from its Asian markets fell by 17 percent.