Press release:
Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today reported financial results for its second quarter of fiscal 2020-21, which ended Sept. 30. Graham’s current fiscal year ends March 31.
- Second quarter sales of $28 million yielded $0.27 earnings per share
- Orders were $35.0 million in the quarter; Backlog improved sequentially to $114.9 million;
- Revenue guidance increased to $93 million to $97 million and gross margin expectation improved to 21 percent to 23 percent.
James R. Lines, Graham’s president and chief executive officer, said, “Results in the second quarter benefited from strong defense industry sales, including a materials only order. We also had the benefit of improved efficiencies in both our supply chain and our production facilities which enabled us to accelerate conversion of both large and short cycle orders in the quarter. As a result, higher volume drove operating leverage which is inherent in our business model.
“We had strong orders in the quarter of $35 million. This order level was driven by our strategy to further our geographic market reach and diversify our end markets, which includes increasing our participation in the defense industry. We remain confident in our ability to achieve the long-term goal of significantly growing our business organically, as well as continuing to consider acquisition opportunities.”
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