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. & Electronics Corp. (NYSE American: ESP) regularly publishes news that reflects its role in specialized military and industrial power electronics. Company releases emphasize its primary business in the development, design, and production of power supplies, power systems, and transformers, as well as its participation in U.S. defense and industrial programs.
News items for ESP commonly include financial results, such as quarterly and annual net sales, net income, backlog levels, and new order volumes, as reported in its earnings announcements. These updates give readers insight into trends in Espey’s sales, order activity, and program execution over time.
Espey’s news flow also highlights contract awards and funding related to defense initiatives. The company has reported additional contracts to provide electrical power transformers for the U.S. Navy’s Virginia and Columbia class submarine programs and funding awards tied to the U.S. Navy’s Surface Combatant Industrial Base initiative. Releases describe how these awards support capital equipment purchases, facility upgrades, and expanded manufacturing and testing capabilities.
Another recurring theme in Espey’s news is facility and capability expansion, including the completion and ramp-up of its Magnetics Center of Excellence, which supports advanced magnetics systems development and MIL-STD testing. The company also issues announcements about dividend declarations, detailing regular quarterly dividends and, in some cases, special cash dividends approved by its Board of Directors.
Investors and followers of ESP stock can use this news page to review historical and recent announcements on earnings, contracts, facility investments, dividends, and governance-related developments. Checking this feed provides a consolidated view of the company’s disclosed business activity and financial reporting over time.
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.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported significant growth in its third quarter of fiscal year 2022, with net sales reaching $8.62 million, compared to $4.21 million in the same quarter last year. The net income for the quarter was $661,359 or $0.27 per diluted share, a marked improvement from the net loss of $(1.07 million) last year. For the first nine months, net sales climbed to $23.6 million, with a net income of $988,621, compared to a loss previously. The backlog increased to $76.2 million from $67.3 million.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its fiscal Q2 2022 results, with net sales reaching $7,458,050, a rise from $6,962,065 year-over-year. The company achieved a net income of $21,201, compared to a loss of $(181,006) in the same quarter last year. For the first half of FY2022, sales increased to $15 million from $14.2 million, with net income at $327,262 versus $8,817 in FY2021. The backlog rose to $70.1 million compared to $60.1 million, with new orders slightly up at $19.5 million.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) announced significant leadership changes, effective December 31, 2021. Patrick T. Enright, Jr. has resigned after seven years as President and CEO, with David A. O’Neil appointed as the new President and CEO starting January 1, 2022. O’Neil has a history with the company since 2000, having served in various roles including Treasurer and CFO. Katrina L. Sparano has been promoted to Treasurer and CFO. The Board expressed confidence in the new leadership amid ongoing supply chain challenges.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its fiscal Q1 2022 results, showing net sales of $7,545,432 compared to $7,265,515 in Q1 2021. The net income rose to $306,061, or $0.13 per diluted share, up from $189,824 or $0.08 per diluted share year-over-year. The company’s backlog increased to approximately $75.2 million from $62 million. New orders totaled $17.1 million, up from $14.3 million in the same quarter last year. CEO Patrick Enright noted ongoing challenges due to the COVID-19 pandemic but expressed commitment to stabilizing operations.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its fourth quarter and fiscal year results, ending June 30, 2021. The company faced challenges with net sales dropping to $27,734,598 for the fiscal year, down from $31,526,231 the previous year, resulting in a net loss of $(181,543) per diluted share. Q4 sales also declined to $9,301,950 from $12,124,438 the prior year. However, the sales order backlog increased to $65.6 million, signaling potential future growth. CEO Patrick Enright emphasized ongoing challenges from the pandemic but noted improved financial discipline and a strong balance sheet.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported a net sales decline in Q3 FY 2021 of $4.21 million, down from $6.19 million in Q3 FY 2020. The company faced a net loss of $1.07 million, or $(0.44) per diluted share, compared to a net loss of $(0.10) million, or $(0.04) per diluted share, last year. For the first nine months, net sales totaled $18.4 million, a decrease from $19.4 million in FY 2020. The backlog grew to $67.3 million, an increase from $59.8 million year-over-year. The impact of the COVID-19 pandemic and supply chain disruptions contributed significantly to these results.