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Graham logs record orders in Q2
Graham logs record orders in Q2
Listen to this articleGraham Corp. this week announced a record $92 million in orders for its second quarter of fiscal 2023, driven by the Batavia manufacturer’s continued expansion into the defense business and demand for its products in other markets.
The second quarter order level was driven by:
- $70 million from the defense industry driven by repeat orders for critical U.S. Navy programs. Revenue from second quarter fiscal 2023 defense orders is expected to be recognized from fiscal 2024 through fiscal 2026;
- $9 million for petroleum refining, primarily related to the commercial aftermarket, and
- $4 million of orders for highly engineered pumps and turbo pumps for a variety of applications and customers in the commercial space industry.
“Our record level of orders in the second quarter reflects our continued expansion into the defense business and the success we have had meeting our customers’ requirements,” said Daniel J. Thoren, Graham’s president and CEO. “We believe this is a testament to our engineering know-how, improved execution and long-standing relationship with the U.S. Navy to provide mission critical systems for high-profile programs.”
From an operational perspective, the company has invested time and capital to meet critical deliveries for the U.S. Navy, Thoren noted, adding that beyond defense, demand Graham’s products in the second quarter has been solid in other markets.
“Of note, the commercial space and commercial aftermarket industries continue to recognize the value of our innovative solutions and engineering services,” he said.
The company will release its second-quarter results before markets open on Nov. 7 and hold a webcast and conference call to discuss results at 11 a.m. that day.
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