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Espey Mfg. & Electronics Corp (NYSE American: ESP) is a recognized leader in the development, design, and manufacturing of specialized military and rugged industrial power supplies and transformers. Established in 1928, Espey has built a solid reputation for producing high-quality power conversion, magnetics, and build-to-print products that meet the stringent demands of the defense and industrial markets.
Operating out of a 150,000+ square foot facility in Saratoga Springs, New York, Espey combines the agility of a small business with the rigorous disciplines typical of larger enterprises. This unique approach is supported by their ISO AS9100 certification, ensuring quality and reliability in every product.
Espey's extensive product range includes power converters, power conditioning systems, high-voltage radar components, and custom-engineered solutions. These products are essential for applications such as AC and DC locomotives, shipboard power systems, airborne and ground-based radar, and ground mobile power units.
The company's recent financial performance has been robust. For the fiscal year ended June 30, 2023, Espey reported net sales of $35,592,323, a notable increase from the previous year's $32,104,774. Net income also saw a significant rise to $3,677,131, or $1.49 per diluted share, compared to $1,265,127, or $0.52 per diluted share, for the same period in the previous year. As of June 30, 2023, Espey's sales order backlog stood at approximately $83.6 million, up from $76.8 million the prior year.
Espey continues to innovate with its involvement in cutting-edge projects like AESA radar systems, which are vital for modern air combat. The company supplies essential power systems and magnetic products to support these advanced radar systems, ensuring superior performance and reliability.
Under the leadership of President and CEO David O’Neil, the company has seen a 50% increase in its regular quarterly dividend, reflecting a strong financial position and ongoing commitment to shareholder value. Espey's ability to balance new design, follow-on production, and build-to-print contracts has been a key strategy for sustainable growth.
For further information, Espey can be contacted at their Saratoga Springs facility or via their website at www.espey.com.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong Q1 FY2025 results with net sales of $10.4 million, up from $8.6 million in Q1 FY2024. Net income increased to $1.6 million ($0.61 per diluted share) from $1.1 million ($0.44 per share) year-over-year. The company's backlog grew to $94.6 million from $87.1 million last year. However, new orders decreased to $7.8 million from $12.1 million in the same period. Management expressed confidence in future performance, citing improved operational efficiency and expectations for higher annual new orders.
Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has announced a significant increase in its regular quarterly dividend. The Board of Directors has declared a dividend of $0.25 per share, representing a 25% increase from the previous dividend. This enhanced dividend will be payable on September 27, 2024, to shareholders of record as of September 20, 2024.
Espey specializes in the development, design, and production of military and industrial power supplies/transformers. This dividend increase may signal strong financial performance and confidence in the company's future prospects, potentially attracting income-focused investors.
The Board of Directors of Espey announced a 14% increase in its regular quarterly dividend, now $0.20 per share, payable on June 24, 2024, to shareholders of record on June 17, 2024. Additionally, Espey secured a new employment agreement with its CEO, David O'Neil. The company also appointed Jennifer Pickering as the new Assistant Corporate Secretary, who joined as Chief HR Officer in April 2024. Espey specializes in developing military and industrial power supplies and transformers.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported their third-quarter results for fiscal year 2024. Net sales for Q3 2024 were $8.25 million, down from $9.81 million in Q3 2023. However, net income rose to $1.03 million, or $0.40 per diluted share, compared to $0.87 million, or $0.35 per diluted share, in the same period last year. For the first nine months of fiscal year 2024, net sales were $27.1 million, almost flat compared to $27.2 million in the same period of fiscal year 2023. Net income for this period increased to $3.92 million, or $1.56 per diluted share, from $2.78 million, or $1.13 per diluted share, last year. The backlog grew to $84.2 million, up from $82.1 million, despite new orders decreasing to $27.8 million from $32.6 million. CEO David O'Neil noted soft Q3 sales but highlighted improvements in gross profit and investment income, along with strong new sales orders and backlog. The company specializes in military and industrial power supplies/transformers.
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