Graham Corp. reported Friday morning a drop in year-over-year third-quarter income and sales.
Th Batavia, Genesee County-based manufacturer reported net income of $1.3 million, or 13 cents a diluted share, versus net income of $4 million, or 39 cents a diuted share, the prior year’s quarter.
Analysts polled by Capital IQ expected Graham to report earnings per share of 11 cents.
Sales were $17.3 million, down from sales of $33.6 million a year ago.
“Third quarter results were impacted by engineering iterations between us and our customers that prevented certain orders in backlog from entering production,” said James Lines, Graham’s president and CEO, in a statement. “We believe this was isolated to the third quarter and expect improved backlog conversion in the fourth quarter and into fiscal 2017.”
The company expects fiscal 2016 revenue to be $90 million to $95 million, down from a previous range of $95 million to $105 million, as a result of lower revenue in the third quarter.
Sales of Graham stock (NYSE: GHM) were down roughly 1 percent midday Friday at $16.86.
(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.