Espey Mfg. reports fourth quarter results for 2024

Espey Mfg. & Electronics Corp. reported its financial results for the fourth quarter and fiscal year ending June 30, 2024, showcasing significant growth compared to the previous year. The company achieved net sales of $38.7 million for the fiscal year, an increase from $35.6 million in 2023, and net income rose to $5.8 million, up from $3.7 million. The fourth quarter alone saw net sales of $11.6 million, a notable rise from $8.3 million in the same quarter last year. Additionally, the sales order backlog reached $97.2 million, reflecting a strong demand for the company's specialized military and industrial power supplies and transformers. The increase in new orders, totaling approximately $52.4 million for the fiscal year, indicates a robust market position and customer confidence in Espey's offerings. President and CEO David O'Neil highlighted the company's achievements as a result of the dedication and hard work of its employees and customers. The improved earnings per share and strong balance sheet are expected to support future growth and investment in new programs. Espey's focus on specialized products positions it well within the military and industrial sectors, which are critical for national defense and infrastructure. The company aims to leverage its record results to foster long-term production capabilities and meet the evolving needs of its clients. Overall, the financial performance for fiscal year 2024 marks a significant milestone for Espey, setting a positive trajectory for the upcoming years as it continues to innovate and expand its market reach.