Espey Mfg. reports Q1 EPS 76c vs. 61c last year

Reports Q1 revenue $9.09M vs. $10.44M last year. David O’Neil, President and CEO, commented, “Our team maintained solid execution this period. Despite softer sales, we saw significant improvement in gross profit, backlog levels, and net income results for the quarter. The year-over-year sales decline reflects nothing more than a change in the timing of shipments for the year. Our team continues to focus on finding labor efficiencies, negotiating savings on materials, and effective resource management–efforts that are clearly reflected in the strength of our gross profits. Overall, the progress we made this quarter positions the Company well for the rest of the fiscal year and highlights our ongoing commitment to creating value for our stockholders.”