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Espey Mfg & Elec Corp. (NYSE: ESP) delivers specialized power conversion solutions for defense and industrial markets through vertical manufacturing capabilities. This news hub provides investors and industry professionals with essential updates on corporate developments shaping this established provider of military-grade power systems.
Access authoritative coverage of ESP's financial announcements, product innovations, and strategic initiatives. Our curated collection features earnings reports, contract awards with defense partners, technology advancements in magnetics, and manufacturing capacity expansions - all critical for assessing the company's market position.
Key updates include quarterly financial disclosures, Department of Defense contract milestones, engineering certifications, and executive leadership changes. Bookmark this page for streamlined tracking of ESP's progress in power supply innovation and its role in critical infrastructure projects.
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.
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.
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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