Taylor Devices' first-quarter profits more than doubled as the North Tonawanda shock absorber manufacturer's U.S. defense business rebounded.
The company earned $740,832, or 21 cents per share, during the quarter that ended in August, up from $301,747, or 9 cents per share, a year ago. Sales rose 11 percent to $7.3 million from $6.6 million.
The company's 37 percent increase in U.S. sales was mainly due to stronger defense and aerospace revenues. The company's backlog of orders rose by nearly 5 percent to $22.6 million.
Alan R. Klembczyk, the company's president, said Taylor Devices' sales were "trending back towards where we want them to b," after a "disappointing finish to the fiscal year that ended in May. "We remain committed to making 2019 an energetic and profitable year," he said.