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Graham Corp. Thursday reported increases in first-quarter profit and sales, driven by growth in the petroleum-refining sector, as well as higher volume and improved margins.
The Batavia, Genesee County manufacturer reported net income of $3.8 million, or 38 cents a diluted share, compared with $1.4 million, or 14 cents a diluted share, a year ago.
Sales were up 25 percent to $28.3 million from $22.5 million last year.
“We have begun fiscal 2014 with solid execution on our large projects, complemented by a higher level of short-cycle sales,” said James Lines, Graham president and CEO, in a statement. “Quality projects, favorable project mix and volume drove our bottom-line expansion.”
Graham expects to report sales of $100 million to $115 million this fiscal year.
Shares of Graham (NYSE MKT: GHM) were trading around $33.83 midday, up 7 percent from Thursday’s close of $31.61.
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