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Graham Corp.'s first-quarter earnings slip

Rochester Business Journal
July 31, 2014

Graham Corp. Thursday reported a drop in fiscal first-quarter profits.
 
The Batavia-based company reported net income of $2.4 million, or 24 cents a diluted share for the quarter, compared with net income of $3.8 million, or 38 cents a diluted share, a year ago.

Sales increased to $28.5 million from $28.3 million the year before. Sales to the United States market were $22.2 million, or 78 percent of sales. Sales in the U.S. market were up 48 percent from last year, with the increase driven by infrastructure improvements in the North American chemical/petrochemical industry.

International sales decreased to $6.3 million from $13.3 million during last year’s quarter.

"We had a solid start to fiscal 2015 and I believe we are on track to achieve our growth targets for the year,” said James Lines, Graham’s president and CEO, in a statement. “We continue to invest in our facilities, processes and people while at the same time reaching for opportunities to expand our growth potential."

The firm reported a record backlog of $114.8 million, compared with $112.1 million for the last quarter and $90.4 million a year ago.

Graham continues to expect fiscal 2015 sales of $120 to $130 million, representing anticipated growth of some 17 percent to 27 percent over fiscal 2014.

Its shares (NYSE: GHM) were trading midday at $30.07, down roughly 4 percent from Wednesday’s close.

 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 

 


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