Espey Mfg. & Electronics Corp. reports first quarter results
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.
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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.
Details
News Market Reaction – ESP
The recorded move for ESP in the trading session of this news was +5.56%.
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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
The backlog for the Company was approximately
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
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.
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