Espey Mfg. & Electronics Corp. Sees Sales and Income Growth in Q2 of Fiscal Year 2024
Espey Mfg. & Electronics Corp. (NYSE American: ESP), a leading developer and producer of specialized military and industrial power supplies and transformers, has reported positive financial results for the second quarter of fiscal year 2024. The company witnessed an increase in net sales and net income during the period from October 1 to December 31, 2023.
According to Espey, net sales for the quarter reached $10.3 million, marking a growth in revenue for the company. This represents an increase from the $8.8 million reported in the same quarter of the previous year. Net income also showed a remarkable increase, reaching $1.8 million, or $0.72 per diluted share. This compares to $1.1 million, or $0.47 per diluted share, in the same period last year.
For the first half of fiscal year 2024, covering the period from July 1 to December 31, 2023, Espey’s net sales amount to approximately $18.9 million, demonstrating continuous growth in sales for the company. This is compared to $17.4 million during the same period in fiscal year 2023. Net income for the six months was $2.9 million, or $1.16 per diluted share, up from $1.9 million, or $0.78 per diluted share, reported for the same period the year before.
Espey’s backlog as of December 31, 2023, stood at approximately $84.8 million, showing an increase from the previous year’s $78.3 million. This backlog represents the value of orders that have been received but not yet fulfilled, indicating strong demand for the company’s products. New orders for the first half of fiscal year 2024 totaled about $20.1 million, slightly higher than the $19 million in new orders for the same period in fiscal year 2023.
David O’Neil, President and CEO of Espey, credited the company’s success to exceptional team performance and improved operational efficiency. He also highlighted the significant contribution of two one-time shipments, which boosted the company’s bottom line beyond its normal operating margins. O’Neil further emphasized Espey’s strategy of maintaining a balanced portfolio of new design, follow-on production orders, and build-to-print contracts for sustained bottom-line growth.
With a strong financial performance in the second quarter of fiscal year 2024, Espey Mfg. & Electronics Corp. continues to establish itself as a key player in the specialized military and industrial power supplies and transformers industry.
Analyst comment
Positive news: Espey Mfg. & Electronics Corp. sees sales and income growth in Q2 of fiscal year 2024, with net sales reaching $10.3 million and net income increasing to $1.8 million. The backlog also increased to $84.8 million, indicating strong demand for their products. Espey’s strategy of a balanced portfolio ensures sustained growth. Market outlook: With their strong financial performance, Espey will likely continue to thrive in the specialized military and industrial power supplies and transformers industry.
