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Espey Mfg. & Electronics Corp - ESP STOCK NEWS

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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.

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Espey Mfg. & Electronics Corp. (NYSE American: ESP) has secured a significant $29.5 million contract to manufacture electric power distribution panels for the U.S. Navy's Columbia class submarines. Selected by General Dynamics Electric Boat and the U.S. Navy, Espey will produce previously designed components for the next-generation ballistic missile submarine fleet. The contract covers deliveries through 2030 for 4 of the 12 planned submarines, which will be the largest ever built by the United States and feature a first-of-its-kind electric drive propulsion system. These submarines are designed to replace the existing Ohio class fleet and represent a top priority for the U.S. Navy.

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Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has announced a regular quarterly dividend of $0.25 per share, payable on December 27, 2024, to shareholders of record as of December 20, 2024.

The company also appointed Jennifer Pickering as Corporate Secretary, following her roles as Chief Human Resources Officer since April 2024 and Assistant Corporate Secretary since June 2024. She succeeds Peggy A. Murphy, who retired on December 6, 2024, after serving as Corporate Secretary since December 1998 and being with the company since October 1978.

Espey specializes in developing and manufacturing military and industrial power supplies/transformers.

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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.

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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.

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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.

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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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Espey Mfg. & Electronics Corp. (ESP) announces a 16% increase in quarterly dividend to $0.175 per share. The company specializes in military and industrial power supplies/transformers.
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Espey Mfg. & Electronics Corp. (ESP) reports strong financial performance for the first six months of fiscal year 2024, with increased net sales and net income compared to the previous year. The company's backlog and new orders also show positive growth, indicating a promising outlook for future profitability and business expansion.
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Espey Manufacturing was awarded a BAE Systems Partner2Win gold medallion for exceptional performance and commitment to operational excellence. The program recognizes suppliers for their success in operations, quality, and procurement, and Espey's contributions to supply chain success helped BAE Systems ensure quality deliveries to customers. The award signifies Espey's commitment to creating the highest quality products for service men and women.
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Espey (ESP) Press Release: AESA Radar Integration and Espey's Role in Advancing Radar Technology
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FAQ

What is the current stock price of Espey Mfg. & Electronics (ESP)?

The current stock price of Espey Mfg. & Electronics (ESP) is $28.7446 as of December 24, 2024.

What is the market cap of Espey Mfg. & Electronics (ESP)?

The market cap of Espey Mfg. & Electronics (ESP) is approximately 80.2M.

What does Espey Mfg. & Electronics Corp. specialize in?

Espey specializes in the design, development, and manufacturing of specialized military and rugged industrial power supplies and transformers.

Where is Espey Mfg. & Electronics Corp. located?

Espey is located at 233 Ballston Ave, Saratoga Springs, New York.

Is Espey Mfg. & Electronics Corp. publicly traded?

Yes, Espey is publicly traded on NYSE American under the symbol ESP.

What are some applications of Espey’s products?

Applications include AC and DC locomotives, shipboard power and radar, airborne power, ground-based radar, and ground mobile power.

How has Espey performed financially in recent times?

For the fiscal year ended June 30, 2023, Espey reported net sales of $35,592,323 and a net income of $3,677,131.

What certifications does Espey hold?

Espey is ISO AS9100 certified.

What are some of the recent projects Espey is involved in?

Espey is actively engaged in AESA radar programs, providing essential power systems and magnetic products for modern fighter aircraft.

Who is the current President and CEO of Espey?

David O’Neil is the current President and CEO of Espey.

What recent financial achievements has Espey announced?

Espey reported significant increases in net sales and income for the fiscal year ending June 30, 2023, and a 50% increase in their regular quarterly dividend.

How can I contact Espey for more information?

You can contact Espey via their website at www.espey.com or by calling Ms. Katrina Sparano at (518) 245-4400.

Espey Mfg. & Electronics Corp

NYSE:ESP

ESP Rankings

ESP Stock Data

80.23M
1.84M
34.26%
18.01%
0.47%
Electrical Equipment & Parts
Electronic Components, Nec
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United States of America
SARATOGA SPRINGS