Espey Mfg. & Electronics Corp. reports second quarter results
February 12 2024 - 4:05PM
Espey Mfg. & Electronics Corp. (NYSE American:
ESP) announces results for the first six months of fiscal year
2024.
Net sales for the second quarter of fiscal year
2024, October 1 to December 31, 2023, were $10,302,541 compared
with last year's second quarter net sales of $8,804,109. Net income
for the quarter was $1,795,370, $0.72 per diluted share, as
compared to net income of $1,146,042, $0.47 per diluted share for
the same quarter last year.
For the first six months of fiscal year 2024,
July 1 to December 31, 2023, net sales were approximately $18.9
million, compared with $17.4 million for the first six months of
fiscal year 2023. Net income for the period was $2,889,914, $1.16
per diluted share, compared with net income of $1,914,308, $0.78
per diluted share, for the same period last year.
The backlog for the Company was approximately
$84.8 million at December 31, 2023, compared with last year's
backlog of $78.3 million at December 31, 2022. New orders in the
first six months of fiscal year 2024 were approximately $20.1
million, compared with new orders in the first six months of fiscal
year 2023 of approximately $19 million.
Mr. David O’Neil, President and CEO, commented,
The financial results for this quarter are exceptional. The team
has done an outstanding job. In addition to an overall improvement
in operational efficiency, the increase in quarterly sales was
augmented with two one-time shipments that were significant
contributors to the quarter’s results, boosting the bottom line
above normal operating margins. The results of this quarter
position us well for another solid year. We continue to
believe that a portfolio balanced between new design, follow-on
production orders and build to print contracts is a positive
strategy for bottom-line growth in ensuing years. Our backlog
remains strong as we continue to look for new opportunities to grow
our business.
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.
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