Espey Mfg. & Electronics Corp. reports first quarter results

Rhea-AI Summary

Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong first-quarter results for fiscal year 2023, with net sales rising to $8.6 million from $7.5 million year-over-year. Net income also increased to $768,266, or $0.31 per diluted share, up from $306,061 or $0.13 per diluted share in Q1 FY2022. However, new orders fell to $13.1 million, compared to $17.1 million in the same quarter last year. The company ended the quarter with a backlog of $81.2 million, up from $75.2 million in the prior year.

Positive

• Net sales increased to $8.6 million, up from $7.5 million year-over-year.
• Net income rose to $768,266, or $0.31 per diluted share, compared to $306,061, or $0.13 per diluted share last year.
• Backlog improved to $81.2 million from $75.2 million a year ago.

Negative

• New orders declined to $13.1 million from $17.1 million year-over-year.

SARATOGA SPRINGS, N.Y., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2023.

Net sales for the first quarter of fiscal year 2023, July 1 to September 30, 2022, were $8,635,795, compared with last year's first quarter net sales of $7,545,432. Net income for the quarter was $768,266, $0.31 per diluted share, as compared to net income of $306,061, $0.13 per diluted share for the same quarter last year.

The backlog for the Company was approximately $81.2 million at September 30, 2022, compared with last year's backlog of $75.2 million at September 30, 2021. New orders in the first three months of fiscal year 2023 were approximately $13.1 million, compared with new orders in the first three months of fiscal year 2022 of $17.1 million.

Mr. David O’Neil, President and CEO, commented,

The team delivered a solid first quarter with higher sales and higher net income when compared to the same period last year. These results reflect our focus on returning to profitability and turning our prior investments into long term profitable programs.   Workforce turnover has stabilized as we continue to do an excellent job managing supply chain uncertainties. The total backlog of $81.2 million provides the company with a stable base with contracted delivery dates spanning the next several years.

Espey's primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at www.espey.com. 

For further information, contact Ms. Katrina Sparano (518)245-4400.

This press release may contain certain statements that are "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company's current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

FAQ

What were the net sales for Espey Mfg. in Q1 FY2023?

Net sales for Espey Mfg. in Q1 FY2023 were $8.6 million.

How much did Espey Mfg. earn in net income for Q1 FY2023?

Espey Mfg. reported a net income of $768,266 for Q1 FY2023.

What was the backlog amount for Espey Mfg. as of September 30, 2022?

The backlog for Espey Mfg. was approximately $81.2 million as of September 30, 2022.

How did new orders in Q1 FY2023 compare to last year's Q1?

New orders in Q1 FY2023 were approximately $13.1 million, down from $17.1 million in Q1 FY2022.

What does Espey Mfg.'s increase in net income indicate?

The increase in net income indicates improved profitability compared to the same period last year.