Espey Mfg. & Electronics Corp. reports third quarter results

Rhea-AI Summary

Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported significant growth in its third quarter of fiscal year 2022, with net sales reaching $8.62 million, compared to $4.21 million in the same quarter last year. The net income for the quarter was $661,359 or $0.27 per diluted share, a marked improvement from the net loss of $(1.07 million) last year. For the first nine months, net sales climbed to $23.6 million, with a net income of $988,621, compared to a loss previously. The backlog increased to $76.2 million from $67.3 million.

Positive

• Third quarter net sales increased to $8.62 million, up 105% from $4.21 million.
• Net income for the third quarter reached $661,359, compared to a net loss of $(1.07 million) last year.
• First nine months net sales rose to $23.6 million, compared to $18.4 million in the previous year.
• Net income for the first nine months was $988,621, an improvement over the prior year’s loss.
• Backlog increased to $76.2 million from $67.3 million year-over-year.

Negative

• Material lead times and inflation present significant challenges to future performance.

SARATOGA SPRINGS, N.Y., May 16, 2022 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first nine months of fiscal year 2022.

Net sales for the third quarter of fiscal year 2022, January 1 to March 31, 2022, were $8,620,049 compared with last year's third quarter net sales of $4,205,068. Net income for the quarter was $661,359, $0.27 per diluted share, as compared to net loss of $(1,070,114), $(0.44) per diluted share for the same quarter last year.

For the first nine months of fiscal year 2022, July 1 to March 31, 2022, net sales were $23.6 million, compared with $18.4 million for the first nine months of fiscal year 2021. Net income for the period was $988,621, $0.41 per diluted share, compared with net loss of $(1,061,297), $(0.44) per diluted share, for the same period last year.

The backlog for the Company was approximately $76.2 million at March 31, 2022, compared with last year's backlog of approximately $67.3 million at March 31, 2021. New orders in the first nine months of fiscal year 2022 were $34.1 million, compared with new orders in the first nine months of fiscal year 2021 of approximately $30.8 million.

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

“We had an excellent quarter. The employees at Espey continue to work very hard in a difficult and frustrating business environment. Their hard work and determination delivered solid financial results for the third quarter of fiscal 2022. New orders remained strong and earnings are much improved over the prior year results.

Material lead times and inflation became worse and continue to provide significant headwinds to the business as we move forward. We will continue to manage our way through this environment and will work with our customers and suppliers to improve the long term financial performance of the Company.”  

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 are Espey Mfg. & Electronics Corp.'s recent quarterly sales figures?

For the third quarter of fiscal year 2022, Espey reported net sales of $8.62 million, up from $4.21 million in the same quarter last year.

How did Espey Mfg. & Electronics Corp. perform in terms of net income for Q3 2022?

The company reported a net income of $661,359 or $0.27 per diluted share for the third quarter of fiscal year 2022.

What is the current backlog for Espey Mfg. & Electronics Corp.?

As of March 31, 2022, the backlog was approximately $76.2 million.

How do the first nine months of fiscal 2022 sales for Espey compare to the previous year?

For the first nine months of fiscal year 2022, net sales were $23.6 million, compared to $18.4 million for the first nine months of fiscal year 2021.

What are the implications of material lead times and inflation for Espey Mfg. & Electronics Corp.?

The company has indicated that worsening material lead times and inflation pose significant headwinds to its business moving forward.