Espey sees a jump in sales and income

Saratoga Springs company nets $8,620,049 for 2022 fiscal year’s third quarter

Espey Manufacturing & Electronics Corp. enjoyed a jump in sales and net income during the first nine months of its fiscal year.

Espey designs, develops and produces specialized power supplies and transformers for military and industrial users.

Net sales for the third quarter of the 2022 fiscal year, which ran from Jan. 1 to March 31, were $8,620,049 compared with last year's third-quarter net sales of $4,205,068. Net income for the quarter was $661,359 — 27 cents per diluted share — as compared to a net loss of $1,070,114 — or 44 cents per diluted share — for the same quarter last year.

For the first nine months of fiscal year 2022, July 1 to March 31, 2022, net sales were $23.6 million, compared with $18.4 million for the first nine months of fiscal year 2021.

Net income for the period was $988,621, 41 cents per diluted share, compared with net loss of $1,061,297, and 44 cents per diluted share, for the same period last year.

“We had an excellent quarter. The employees at Espey continue to work very hard in a difficult and frustrating business environment. Their hard work and determination delivered solid financial results for the third quarter of fiscal 2022. New orders remained strong and earnings are much improved over the prior year results,” company President and CEO David O’neil said in a prepared statement.

“Material lead times and inflation became worse and continue to provide significant headwinds to the business as we move forward. We will continue to manage our way through this environment and will work with our customers and suppliers to improve the long term financial performance of the company.”

The company’s stock was trading at $12.95 on the NYSE American small cap stock exchange on Wednesday afternoon.