Taylor Devices second-quarter profits plunged by 94 percent after the North Tonawanda shock absorber maker's sales were hurt by a weak U.S. construction market and a slowdown in infrastructure spending.
Douglas P. Taylor, the company's president, blamed the 38 percent drop in sales on delays on major U.S. building projects that would use the company's seismic dampers, along with similar delays on infrastructure work, including bridges, that would receive significant federal funding. Taylor said the delays stemmed around uncertainty over funding levels in the federal budget.
"While these delays are impacting our numbers, we continue to expect a profitable year," he said.
Taylor Devices' profits fell to $52,147, or 2 cents per share, from $938,280, or 27 cents per share, a year ago. Sales fell to $4.8 million during the quarter that ended in November, from $7.8 million a year earlier.