Welcome to our dedicated page for Espey Mfg & Elec news (Ticker: ESP), a resource for investors and traders seeking the latest updates and insights on Espey Mfg & Elec stock.
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 Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has reinstated a quarterly dividend of $0.10 per share. This dividend is set to be paid on March 31, 2023, to shareholders on record as of March 24, 2023. Espey specializes in the development and production of military and industrial power supplies and transformers. The company's focus on specialized products supports its market position, aligning with the needs of defense and industry sectors.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong financial results for the second quarter of fiscal year 2023, with net sales of $8.8 million, up from $7.5 million in the same quarter last year. Net income surged to $1.1 million ($0.47 per diluted share) compared to just $21,201 ($0.01 per diluted share) a year prior. For the first half of fiscal 2023, net sales totaled $17.4 million, an increase from $15 million year-over-year, and net income rose to $1.9 million ($0.78 per diluted share) from $327,262 ($0.14 per diluted share). The company’s backlog reached $78.3 million as of December 31, 2022.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) has received a $7.4 million funding award aimed at expanding its facilities and upgrading capital equipment for testing and qualification processes for the United States Navy. This initiative is part of the Navy's broader strategy to enhance the Surface Combatant Industrial Base. The expansion will take place at Espey's Saratoga Springs, NY site, with expected completion by 2024. Espey's core business includes the design and production of specialized military and industrial power supplies and transformers.
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.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported financial results for the fiscal year ending June 30, 2022. The company achieved net sales of $32.1 million, a 15.4% increase from $27.7 million in the previous year, with net income of $1.3 million compared to a loss of $181,543 last year. However, fourth-quarter sales declined to $8.5 million from $9.3 million, with net income of $276,506 down from $879,753. The sales order backlog grew to $76.8 million, and new orders reached $43.2 million, reflecting a strong year despite ongoing challenges with supply chains and inflation.
FAQ
What is the current stock price of Espey Mfg & Elec (ESP)?
What is the market cap of Espey Mfg & Elec (ESP)?
