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Espey's Q4 Earnings Increase Y/Y on Strong Military Demand
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For the fiscal fourth quarter ended June 30, 2024, Espey Mfg. & Electronics Corp. (ESP - Free Report) reported earnings per share of 73 cents, which grew sharply from 36 cents in the fourth quarter of fiscal 2023.
Net sales of $11.6 million denoted a significant increase from the $8.3 million reported in the same period last year.
Espey’s financial performance in the fiscal fourth quarter was driven by a combination of higher sales volumes, cost efficiency and operational execution. Management has emphasized the importance of a strong balance sheet in supporting future growth. The company’s financial health has allowed it to invest in new programs and projects aimed at extending its production capacity. This is expected to provide for longer-term revenue visibility, particularly in light of the growing backlog.
Espey Mfg. & Electronics Corp. Price, Consensus and EPS Surprise
The company’s revenue growth was robust, bolstered by increased demand in both its military and industrial business lines, where Espey’s power supply and transformer solutions remain competitive.
In addition, the company's backlog grew to $97.2 million as of June 30, 2024, up from $83.6 million as of June 30, 2023. This increase of $13.6 million reflects the company's ability to secure new orders at a higher rate, signaling confidence in future revenue streams.
Espey delivered significant improvement in profitability during the fourth quarter. Net income for the quarter more than doubled year over year, rising from $0.9 million to $1.9 million. This improvement is largely attributable to the strong revenue growth in military contracts.
Fiscal 2024 Update
The company achieved net sales of $38.7 million, up from $35.6 million in fiscal 2023, representing strong top-line growth. Net income for the year improved to $5.8 million ($2.29 per share) compared to $3.7 million ($1.49 per share) in the prior fiscal year.
The order intake for the fiscal year also reached around $52.4 million, up from $42.4 million in the prior year. This increase in new bookings aligns with Espey’s record sales figures for the year, positioning the company for continued strong performance in future quarters.
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Espey's Q4 Earnings Increase Y/Y on Strong Military Demand
For the fiscal fourth quarter ended June 30, 2024, Espey Mfg. & Electronics Corp. (ESP - Free Report) reported earnings per share of 73 cents, which grew sharply from 36 cents in the fourth quarter of fiscal 2023.
Net sales of $11.6 million denoted a significant increase from the $8.3 million reported in the same period last year.
Espey’s financial performance in the fiscal fourth quarter was driven by a combination of higher sales volumes, cost efficiency and operational execution. Management has emphasized the importance of a strong balance sheet in supporting future growth. The company’s financial health has allowed it to invest in new programs and projects aimed at extending its production capacity. This is expected to provide for longer-term revenue visibility, particularly in light of the growing backlog.
Espey Mfg. & Electronics Corp. Price, Consensus and EPS Surprise
Espey Mfg. & Electronics Corp. price-consensus-eps-surprise-chart | Espey Mfg. & Electronics Corp. Quote
Quarterly Performance Overview
The company’s revenue growth was robust, bolstered by increased demand in both its military and industrial business lines, where Espey’s power supply and transformer solutions remain competitive.
In addition, the company's backlog grew to $97.2 million as of June 30, 2024, up from $83.6 million as of June 30, 2023. This increase of $13.6 million reflects the company's ability to secure new orders at a higher rate, signaling confidence in future revenue streams.
Espey delivered significant improvement in profitability during the fourth quarter. Net income for the quarter more than doubled year over year, rising from $0.9 million to $1.9 million. This improvement is largely attributable to the strong revenue growth in military contracts.
Fiscal 2024 Update
The company achieved net sales of $38.7 million, up from $35.6 million in fiscal 2023, representing strong top-line growth. Net income for the year improved to $5.8 million ($2.29 per share) compared to $3.7 million ($1.49 per share) in the prior fiscal year.
The order intake for the fiscal year also reached around $52.4 million, up from $42.4 million in the prior year. This increase in new bookings aligns with Espey’s record sales figures for the year, positioning the company for continued strong performance in future quarters.