Espey Mfg. & Electronics, a supplier of power supplies and transformers to military and industrial markets, reports a robust increase in sales and profits over the past nine months and has appointed a new top executive. Much of the company’s output involves production of magnetic components and it is registering strong recovery from business declines during the height of the Covid pandemic.
On May 16, it announced results for the most recent quarter ending March 31. Net sales more than doubled from the same time a year ago, jumping from $4.2 million last year to $8.6 million this year. Profitability rebounded to $661,359 in the recent quarter compared to a loss of $1.07 million for the same period a year earlier. For the first nine months of fiscal year 2022, July 1 to March 31, 2022, net sales climbed to $23.6 million from $18.4 million for the same period in 2021 while profits rose also.
Backlog and new orders also have been climbing, noted David O’Neil, president and CEO. He was appointed to the leadership position at the end of last year, previously serving as chief financial officer. His predecessor, Robert Enright, resigned at year-end after seven years in the position. “We had an excellent quarter,” said O’Neill. “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.”
The company’s primary business is the development, design and production of specialized military and industrial power supplies/transformers. Founded in 1928, it manufactures and supports magnetic components and power conversion electronics for many military programs. See www.espey.com.