Espey Mfg. & Electronics Corp. reports second quarter results, reporting a 27% increase in year-to-date sales

Rhea-AI Summary

Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong Q2 FY2025 results with net sales of $13.6 million, up from $10.3 million in Q2 FY2024. Net income reached $1.9 million ($0.71 per diluted share) compared to $1.8 million ($0.72 per diluted share) last year.

First half FY2025 performance showed significant growth with net sales of $24 million, a 27% increase from $18.9 million in the same period FY2024. Net income rose to $3.5 million ($1.32 per diluted share) from $2.9 million ($1.16 per diluted share).

The company's backlog reached $120.1 million as of December 31, 2024, compared to $84.8 million year-over-year. New orders in H1 FY2025 totaled $46.9 million, more than double the $20.1 million in H1 FY2024. Current orders have reached $54 million, surpassing the previous annual record of $52 million.

Positive

• Net sales increased 32% YoY in Q2 FY2025 to $13.6 million
• H1 FY2025 net sales grew 27% to $24 million
• Backlog increased 42% YoY to $120.1 million
• New orders in H1 FY2025 reached $46.9 million, up 133% YoY
• Current orders of $54 million set new company record

Negative

• Q2 FY2025 diluted EPS decreased to $0.71 from $0.72 YoY
• Gross margins declined compared to previous year

News Market Reaction

+0.26%

1 alert

+0.26% News Effect

On the day this news was published, ESP gained 0.26%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SARATOGA SPRINGS, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2025.

Net sales for the second quarter of fiscal year 2025, October 1 to December 31, 2024, were $13,608,740 compared with last year's second quarter net sales of $10,302,541. Net income for the quarter was $1,908,499, $0.71 per diluted share, as compared to net income of $1,795,370, $0.72 per diluted share for the same quarter last year.

For the first six months of fiscal year 2025, July 1 to December 31, 2024, net sales were $24 million, compared with approximately $18.9 million for the first six months of fiscal year 2024. Net income for the period was $3,506,816, $1.32 per diluted share, compared with net income of $2,889,914, $1.16 per diluted share, for the same period last year.

The backlog for the Company was approximately $120.1 million at December 31, 2024, compared with last year's backlog of approximately $84.8 million at December 31, 2023. New orders in the first six months of fiscal year 2025 were approximately $46.9 million, compared with new orders in the first six months of fiscal year 2024 of approximately $20.1 million.

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

We delivered impressive results on the top-line, with a 27% increase in year-to-date sales when compared to last year, supporting our continued expectation to deliver higher annual sales than the prior fiscal year. The company had new record highs for current quarter sales and the sales backlog. As of today, new orders received total $54 million, surpassing the annual company record high of $52 million set in fiscal 2024. The backlog includes a previously announced $29.5 million order for follow-on production units for product designed by the company. Gross margins were respectable, with the prior year benefiting from one-time sales to certain customers. The team remains focused on bottom-line cost saving initiatives and production efficiencies that we believe can lend to improved program margins on future shipments and out-year opportunities.

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 were Espey's (ESP) Q2 FY2025 financial results?

Espey reported Q2 FY2025 net sales of $13.6 million and net income of $1.9 million ($0.71 per diluted share), compared to net sales of $10.3 million and net income of $1.8 million ($0.72 per diluted share) in Q2 FY2024.

How much did Espey's (ESP) backlog grow in 2024?

Espey's backlog grew to $120.1 million as of December 31, 2024, compared to $84.8 million as of December 31, 2023, representing a 42% increase.

What was Espey's (ESP) order intake in H1 FY2025?

Espey received new orders worth $46.9 million in the first six months of FY2025, compared to $20.1 million in the same period of FY2024.

How did Espey's (ESP) H1 FY2025 sales compare to H1 FY2024?

Espey's net sales for H1 FY2025 were $24 million, representing a 27% increase from $18.9 million in H1 FY2024.

What is the value of Espey's (ESP) largest recent order?

The backlog includes a $29.5 million order for follow-on production units for product designed by the company.