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Espey Mfg. & Electronics Corp. (ESP-1.69%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $13,608,740 from $10,302,541 in the same quarter the previous year. The increase is attributed to more deliveries against a higher sales backlog and product mix.
Cost of sales for the quarter was $10,445,028, representing 77% of sales, compared to 69% in the same quarter of the previous year. This increase in cost ratio is due to product mix and increased costs.
The company reported a gross profit of $3,163,712 for the quarter, compared to $3,142,575 in the previous year, with the gross profit margin decreasing due to product mix and increased costs.
Selling, general, and administrative expenses increased to $1,139,275 from $1,049,690, primarily due to higher employee compensation costs and increased travel expenditures.
Net income for the quarter was $1,908,499, up from $1,795,370 in the previous year. The increase is attributed to higher interest income and a lower provision for income taxes.
Cash provided by operating activities was $6,766,541, while cash used in investing and financing activities was $2,935,397 and $155,636, respectively.
Espey had a working capital of $40,181,574 as of December 31, 2024. The company anticipates higher revenues in fiscal year 2025 compared to fiscal year 2024.
The filing also details various financial activities, including stock-based compensation and investment in property, plant, and equipment.
Espey does not anticipate significant impact from inflationary pressures or tariffs in fiscal year 2025.
The company continues to focus on securing new orders and managing its backlog, which totaled approximately $120.1 million as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Espey Mfg. & Electronics Corp. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.