SARATOGA SPRINGS, N.Y. - Espey Mfg. & Electronics Corp. (NYSE American: ESP), a developer and producer of specialized military and industrial power supplies and transformers, has reported an increase in sales and net income for the second quarter of fiscal year 2024. In the period from October 1 to December 31, 2023, the company's net sales were $10.3 million, up from $8.8 million in the same quarter of the previous year. Net income for the quarter reached $1.8 million, or $0.72 per diluted share, an increase from $1.1 million, or $0.47 per diluted share, in the same period last year.
For the first half of the fiscal year, covering July 1 to December 31, 2023, Espey's net sales amounted to approximately $18.9 million, 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.
The company’s backlog as of December 31, 2023, stood at approximately $84.8 million, showing an increase from the previous year's $78.3 million. 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, remarked on the financial results, attributing the quarter's success to exceptional team performance and improved operational efficiency. He also noted that two one-time shipments significantly contributed to the quarter's results, enhancing the company's bottom line beyond normal operating margins. O’Neil emphasized the company's strategy of balancing new design, follow-on production orders, and build to print contracts for sustained bottom-line growth.
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