Espey Mfg. & Electronics Corp. reports third quarter results

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

Net sales for the third quarter of fiscal year 2025, January 1 to March 31, 2025, were $10,302,719 compared with last year's third quarter net sales of $8,254,653. Net income for the quarter was $1,704,487, $0.63 per diluted share, as compared to net income of $1,031,930, $0.40 per diluted share for the same quarter last year.

For the first nine months of fiscal year 2025, July 1 to March 31, 2025, net sales were $34,354,677, compared to $27,125,408 for the first nine months of fiscal year 2024. Net income for the period was $5,211,303, $1.95 per diluted share, compared with net income of $3,921,844, $1.56 per diluted share, for the same period last year.

The backlog for the Company was $138 million at March 31, 2025, compared with last year's backlog of $84.2 million at March 31, 2024. New orders in the first nine months of fiscal year 2025 were $75.1 million, compared with new orders in the first nine months of fiscal year 2024 of approximately $27.8 million.

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

I continue to be proud of the team and the results we are achieving this fiscal year. We saw additional growth in sales year over year for both three and nine months ending March 31, 2025 and the team has worked hard to maintain strong gross profits by improving margins on some of our key programs. Backlog continues to grow, which is a direct result of an exceptional year for new orders, including the previously announced new contract for $19.8 million. The team is focused on finishing the year strong and gearing up for what we hope to be another successful fiscal year in 2026.

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. Kaitlyn O'Neil 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.

(END) Dow Jones Newswires

May 12, 2025 16:05 ET (20:05 GMT)