Espey Mfg. & Electronics Corp. Reports Record-Breaking Fiscal Year 2024 Results

SARATOGA SPRINGS, N.Y., Sept. 27, 2024 (GLOBE NEWSWIRE) – Espey Mfg. & Electronics Corp. (NYSE: ESP) has released its financial results for the fourth quarter and fiscal year ending June 30, 2024, showcasing record-breaking performance in sales, income, and order backlog.

Annual Financial Highlights:

• Net Sales: Espey reported net sales of $38,736,319 for the fiscal year, a 9% increase from $35,592,323 in the previous year.
• Net Income: The company achieved a net income of $5,815,140, or $2.29 per diluted share, a significant rise from $3,677,131, or $1.49 per diluted share, in the prior year.
• Order Backlog: As of June 30, 2024, the sales order backlog reached $97.2 million, up from $83.6 million a year earlier.

Fourth Quarter Performance:

• Net Sales: The fourth quarter net sales increased to $11,610,911 from $8,342,803 in the same period last year.
• Net Income: The quarter ended with a net income of $1,893,296, or $0.73 per diluted share, compared to $895,535, or $0.36 per diluted share, for the same quarter last year.

New Orders:

• The fiscal year saw new orders totaling approximately $52.4 million, an increase from $42.4 million in the previous fiscal year.

Leadership Commentary: David O'Neil, President and CEO, expressed satisfaction with the company’s performance, stating, "We delivered a solid fourth quarter, executing on both top-line and bottom-line results. Fiscal year 2024 annual results for sales, new order bookings, and the backlog represent new records for the Company."

O'Neil attributed these achievements to the dedication and hard work of Espey's employees and the trust of its customers. He emphasized the company's commitment to growth and innovation, supported by a strong balance sheet.

Company Overview: Espey Mfg. & Electronics Corp. specializes in the development, design, and production of advanced military and industrial power supplies and transformers. For more information, visit www.espey.com.

Contact Information: For further details, please contact Ms. Katrina Sparano at (518) 245-4400.

Forward-Looking Statements: This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements reflect the company's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date made.