Espey Mfg. & Electronics Corp. secures a $29.5 million contract to supply electric power panels for U.S. Navy submarines.
Quiver AI Summary
Espey Mfg. & Electronics Corp. has announced the award of a new contract valued at $29.5 million to produce electric power distribution panels for the U.S. Navy’s Columbia class submarines. The contract, awarded by General Dynamics Electric Boat and the U.S. Navy, pertains to components previously designed by Espey for these next-generation ballistic missile submarines, which are set to replace the aging Ohio class fleet. Deliveries are expected to continue through 2030 for four of the planned twelve submarines. David O’Neil, the company’s President and CEO, expressed pride in their role as a supplier to the Navy and emphasized the importance of their dedicated employees in securing this award, which aligns with their strategy of supporting U.S. military capabilities. Espey specializes in military and industrial power supplies and transformers.
Potential Positives
- Espey Mfg. & Electronics Corp. received a significant contract valued at $29.5 million to provide electric power distribution panels for the U.S. Navy’s Columbia class submarines, highlighting its role in key military projects.
- The contract positions Espey as a continued supplier to General Dynamics Electric Boat and the U.S. Navy, reflecting strong relationships and trust within the defense sector.
- This award supports Espey's strategic focus on investing in defense programs, aligning with U.S. military priorities and enhancing its reputation in the defense industry.
Potential Negatives
- The press release lacks details on the potential risks associated with the contract, which could create uncertainty for investors.
- There is no mention of financial performance or projections which could give stakeholders insight into the company's overall health and future prospects.
FAQ
What is the value of the new contract awarded to Espey Mfg. & Electronics Corp.?
The contract awarded to Espey is valued at $29.5 million when fully funded.
What will Espey provide under the new contract?
Espey will provide electric power distribution panels for the U.S. Navy's Columbia class submarines.
Who awarded the contract to Espey?
The contract was awarded by General Dynamics Electric Boat and the U.S. Navy.
When are deliveries expected to be completed?
Deliveries under the contract are expected through calendar year 2030.
What is the significance of the Columbia class submarines?
The Columbia class submarines are designed to replace Ohio class submarines and feature a new electric drive propulsion system.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ESP Insider Trading Activity
$ESP insiders have traded $ESP stock on the open market 69 times in the past 6 months. Of those trades, 0 have been purchases and 69 have been sales.
Here’s a breakdown of recent trading of $ESP stock by insiders over the last 6 months:
- PEGGY A MURPHY (Corporate Secretary) has traded it 69 times. They made 0 purchases and 69 sales, selling 14,850 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ESP Hedge Fund Activity
We have seen 14 institutional investors add shares of $ESP stock to their portfolio, and 12 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WEALTH ENHANCEMENT ADVISORY SERVICES, LLC removed 11,289 shares (-100.0%) from their portfolio in Q2 2024
- BRIDGEWAY CAPITAL MANAGEMENT, LLC added 9,108 shares (+inf%) to their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 8,511 shares (+55.3%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 7,543 shares (+inf%) to their portfolio in Q3 2024
- SECURE ASSET MANAGEMENT, LLC added 7,264 shares (+inf%) to their portfolio in Q3 2024
- MORGAN DEMPSEY CAPITAL MANAGEMENT LLC added 6,487 shares (+122.5%) to their portfolio in Q3 2024
- DE LISLE PARTNERS LLP added 3,000 shares (+7.5%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SARATOGA SPRINGS, N.Y., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp.
(NYSE American: ESP)
announces new material contract.
The Company has been awarded a contract valued at $29.5 million, when fully funded, to provide electric power distribution panels for the U.S. Navy’s Columbia class submarines. Espey was chosen by General Dynamics Electric Boat and the U.S. Navy to manufacture components previously designed by Espey for the next-generation ballistic missile submarine fleet. The Columbia class submarine is a top priority for the U.S. Navy and was designed to replace the fleet of Ohio class submarines. The Columbia class submarines will be the largest ever built by the United States and rely on a “first-of-its-kind” electric drive propulsion system. Deliveries under the contract are expected through calendar year 2030 for the next 4 of 12 planned ships.
Mr. David O’Neil, President and CEO, commented,
We are proud to be a continued supplier to General Dynamics Electric Boat and the U.S. Navy on this very important program. This award would not be possible without the amazing dedication of our world class employees. Congratulations to them on a job well done. This follow-on order also supports our strategy focused on
investing in programs that enable US military superiority
.
Espey's primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at
www.espey.com.
For further information, contact Ms. Katrina Sparano at invest@espey.com.
This press release may contain certain statements that are "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company's current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
This article was originally published on Quiver News, read the full story.
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