A rebound in its Asian construction markets helped Taylor Devices boost its first-quarter profits by 44 percent, the North Tonawanda shock absorber manufacturer said Thursday.
The company's sales grew by 14 percent to $6.6 million during the quarter that ended in August, compared with $5.8 million a year earlier, as its revenue from Asian projects rose by 30 percent. Sales of Taylor dampers for bridge and construction projects improved by 22 percent.
Taylor Devices' profits improved to $301,747, or 9 cents per share, from $209,834, or 6 cents per share, a year ago.
The company's backlog of orders increased slightly to $21.6 million at the end of August, up from $21.3 million a year ago.
"We are hopeful for improved sales and profitability levels this year," said Douglas P. Taylor, the company's president, in a statement. "It is encouraging to start this new fiscal year with first-quarter numbers that include a better top line, bottom line and firm order backlog figure."
One building that uses Taylor Devices dampers to help protect it from seismic damage, the Torre Mayor building in Mexico City, had no structural damage during the city's recent earthquake, Douglas Taylor said.