Espey Mfg. & Electronics Corp. reports first quarter results

Rhea-AI Summary

Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces strong financial results for Q1 FY 2024, with net sales of $8,568,214 and net income of $1,094,544. The backlog reached a record level of $87.1 million, and new orders were approximately $12.1 million. The company's President and CEO, Mr. David O’Neil, expressed satisfaction with the improved operating margins and strong sales performance.

Positive

• Strong financial results for Q1 FY 2024
• Record level sales backlog
• Improved operating margins and strong sales performance

Negative

• Decrease in new orders compared to the same period last year

SARATOGA SPRINGS, N.Y., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2024.

Net sales for the first quarter of fiscal year 2024, July 1 to September 30, 2023, were $8,568,214, compared with last year's first quarter net sales of $8,635,795. Net income for the quarter was $1,094,544, $0.44 per diluted share, as compared to net income of $768,266, $0.31 per diluted share for the same quarter last year.

The backlog for the Company was approximately $87.1 million at September 30, 2023, compared with last year's backlog of $81.2 million at September 30, 2022. New orders in the first three months of fiscal year 2024 were approximately $12.1 million, compared with new orders in the first three months of fiscal year 2023 of $13.1 million.

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

"I am very pleased with our results highlighted by the significant improvement in operating margins as sales and new orders remained strong. Our sales backlog is at a record level and our continued financial performance over the last several quarters has enabled us to pay the most recent dividend which was a 50% increase over the prior dividend. We are well positioned for another successful year."

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 at invest@espey.com.

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 Espey Mfg. & Electronics Corp.'s net sales for Q1 FY 2024?

Net sales for the first quarter of fiscal year 2024 were $8,568,214.

What was the net income for Q1 FY 2024?

The net income for the quarter was $1,094,544, $0.44 per diluted share.

What was the backlog for the Company at September 30, 2023?

The backlog for the Company was approximately $87.1 million at September 30, 2023.

What is Espey Mfg. & Electronics Corp.'s primary business?

Espey's primary business is the development, design, and production of specialized military and industrial power supplies/transformers.