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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.
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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