Espey Mfg. & Electronics Corp. reports first quarter results

Rhea-AI Summary

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.

Positive

• Net sales increased 21.9% year-over-year to $10.4 million
• Net income grew 46% to $1.6 million
• EPS increased 38.6% to $0.61 per share
• Backlog expanded 8.6% to $94.6 million

Negative

• New orders decreased 35.5% to $7.8 million compared to prior year

SARATOGA SPRINGS, N.Y., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2025.

Net sales for the first quarter of fiscal year 2025, July 1 to September 30, 2024, were $10,443,218, compared with last year's first quarter net sales of $8,568,214. Net income for the quarter was $1,598,317, $0.61 per diluted share, as compared to net income of $1,094,544, $0.44 per diluted share for the same quarter last year.

The backlog for the Company was approximately $94.6 million at September 30, 2024, compared with last year's backlog of approximately $87.1 million at September 30, 2023. New orders in the first three months of fiscal year 2025 were approximately $7.8 million, compared with new orders in the first three months of fiscal year 2024 of $12.1 million.

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

The financial results for this quarter were excellent and on par with our expectations. Sales were higher when compared to the prior year, a direct result of the large backlog and the overall strength of new sales order bookings over the last several years. Earnings per share for the quarter were solid, the increase a direct result of the higher sales and product mix. To date, we have made significant progress in turning around open positions faster, allowing us to maintain consistency in our ongoing operations. New orders were lower for the quarter, comparatively, however we are continuing to work to close on several larger contracts in the near-term and expect total annual new orders to post higher than last 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 was Espey's (ESP) earnings per share in Q1 FY2025?

Espey reported earnings of $0.61 per diluted share in Q1 FY2025, compared to $0.44 per share in Q1 FY2024.

How much was Espey's (ESP) backlog as of September 30, 2024?

Espey's backlog was $94.6 million as of September 30, 2024, up from $87.1 million in the previous year.

What was Espey's (ESP) net sales for Q1 FY2025?

Espey reported net sales of $10.4 million for Q1 FY2025, compared to $8.6 million in Q1 FY2024.

How did Espey's (ESP) new orders perform in Q1 FY2025?

New orders in Q1 FY2025 were $7.8 million, down from $12.1 million in Q1 FY2024.