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Graham sales, profit slump

Graham Corp. reported drops in second-quarter sales and profit Friday, citing sustained weakness in the U.S. and international refining and petrochemical markets.

The Batavia firm posted a profit of $1.5 million, or 15 cents a diluted share, down nearly 67 percent from net income of $4.4 million, or 43 cents a share, a year ago.

Sales were $16.1 million, down nearly 33 percent from $23.9 million in last year’s second quarter.

“Although we recorded the highest level of orders since the fourth quarter of fiscal 2008, our markets remain erratic and we may not begin to return to a normalized level of orders for several quarters,” said James Lines, president and CEO, in a statement.

Management said Graham reduced its work force by 7 percent in September through cuts in production personnel and indirect staff. Graham ranked 25th on the most recent Rochester Business Journal list of manufacturers with 280 workers.

The company also said Friday it had been awarded orders for two refinery projects in the Middle East and a fertilizer project in Asia with a combined value exceeding $16 million.

The orders were booked in Graham’s second quarter, and are included in the $29.6 million in total orders booked during the quarter, company leaders said. 

(c) 2009 Rochester Business Journal. Obtain permission to reprint this article.

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