Espey Mfg. Q3 Sales Up 10.9% to $11.42M; Net Income Hits $2.86M
Espey Mfg’s third-quarter net sales climbed 10.9% to $11.42 million and net income rose 68% to $2.86 million ($0.99 per share). Year-to-date sales fell 5% to $32.65 million, with net income at $7.84 million ($2.74 per share), as new orders plunged to $30 million and backlog held at $137.1 million.
1. Third Quarter Financial Results
Net sales for the quarter ended March 31 reached $11.42 million, up from $10.30 million in the prior-year period, while net income increased to $2.86 million, or $0.99 per diluted share, compared with $1.70 million, or $0.63 per share, a year earlier.
2. Year-to-Date Performance
For the nine months through March 31, Espey reported sales of $32.65 million, down from $34.35 million in the same period last year, while year-to-date net income rose to $7.84 million, or $2.74 per diluted share, versus $5.21 million, or $1.95 per share.
3. Order Intake and Backlog
New orders in the first nine months of fiscal 2026 fell to $30.0 million from $75.1 million in the prior-year period, yet the order backlog remained stable at approximately $137.1 million, compared with $138.0 million at the same point last year.
4. CEO Commentary
President and CEO David O’Neil cited improved margins from increased revenue, favorable product mix, enhanced operating leverage and disciplined cost efficiencies, emphasizing the strength of the company’s business model and the dedication of its workforce in driving consistent earnings quality.